1999-02-01Special Called Workshop of City Council

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e CITY OF LA PORTE e January 28, 1999 TO: FROM: Mayor and City Council .fo R.Robert T. Herrera, City Manager SUBJECT. Further Consideration of a Tax Increment Reinvestment Zone (TIRZ) At the Council workshop of December 9, Council suggested that staff return in late January to discuss the possibility of moving forward with the study of creating a Tax Increment Reinvestment Zone (TIRZ). As discussed in earlier workshops, a TIRZ may be an opportunity to promote development in certain areas by capturing the "tax increment" to pay for public infrastructure and amenities to serve developments and the community at large. There are two documents attached for Council's review. One is a draft schedule and the second is draft guidelines for the creation of an investment zone. Staff felt that Council would benefit by an early discussion of guidelines that may result in a fonnal policy statement. Some of the information in the draft guidelines is general in nature and has been previously presented to Council during earlier discussions of TIRZ. Council, however, did not get to a point where there was a discussion and determination of eligible project costs. By using this draft and inviting input from various sources (owners, developers, Council, public) there is opportunity to produce a plan that is more favorably accepted by the Council, local developers and the community . Also note that the Council sub-committee, at key points, is brought into the development of these guidelines. If Council is interested in pursuing a TIRZ, we offer this draft schedule and guidelines as an initial framework for discussion.