05-15-02 La Porte Redevelopment Authority Meeting minutes

Browse Search

AGENDA ITEM 5: AGREEMENT BY AND BETWEEN THE CITY OF LA PORTE, TIRZ #1 AND THE LA PORTE REDEVELOPMENT AUTHORITY Section D-5 of the Zone Guidelines provides that the City Council by ordinance may authorize the Board to provide for the management and administration of a Public Improvement District created within the Zone, as provided in such district's service plan required by law. The Tri- Party Agreement also provides for the management of a PID by the Redevelopment Authority. Board Member Peggy Antone requested a discussion on Public Improvement Districts (PID's) to insure the understanding of how a PID operates and what application/benefit a PID may have within the Zone. The Tri-Party Agreement defines a PID as a Public Improvement District(s) established by the City within the Zone and for which the City and Zone contract with the Authority to provide the assistance described in this Agreement. Essentially, the TIRZ/Redevelopment Authority could recommend the creation of a PID within boundaries of the TIRZ. The Authority would collect a special levy (in addition to taxes) from property owners within the PID. These funds are used to fund special projects within the PID. A PID could be used in a situation where the Board did not feel a project did not meet guidelines or where a special feature benefited a specific area or group of owners. For example, developers of the proposed Rail-Served Warehouses could request creation of a PID to fund or assist in funding the rail yard which would serve a specific group of owners that would pay a PID assessment to offset development costs.