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<br />4. Receive and consider Sylvan Beach Development Agreement, by and between the <br />REINVESTMENT ZONE NUMBER ONE,CITY OF LA PORTE; the LA PORTE <br />REDEVELOPMENT AUTHORITY; the CITY OF LA PORT; the LA PORTE <br />ECONOMIC DEVELOPMENT CORPORATION; and HARRIS COUNTY. <br /> <br />Mr. looms gave the board an overview of the project and reviewed the previous discussions with the <br />board with regard to the funding allocation of the project: <br /> <br />4B Board, City EDC <br />County <br /> <br />$700,000 <br />$600,000 <br /> <br />The purpose of the agreement is to provide for TIRZ Reimbursement for the project. Upon a motion <br />made by Director Pool, and being seconded by Director Turnquist, the board unanimously <br />approved the Agreement. <br /> <br />5. Consider disbursement of Annual TIRZ Revenue pursuant to developer agreement. <br /> <br />Mr. Hawes provided the board of directors with the amount available for disbursement from TIRZ <br />revenues. He reviewed with the board the allocation of increment revenue available to each developer <br />based on value creation. Upon a motion made by Director Turnquist, and being seconded by <br />Director Pool, the board unanimously approved disbursement of Annual TIRZ Revenue pursuant to <br />developer agreement. <br /> <br />6. Receive report with regard to debt financing for Port Crossing. <br /> <br />Mr. Hawes gave the board an overview of the staff attempts to develop debt financing to accelerate <br />payments to the developer. He informed the board that the market place was not responding. No action <br />was taken <br /> <br />7. Receive staff report and updates with regard to Port Crossing, Lakes on Fairmont Green, <br />Retreat at Bay Forrest Development Project, and Preserve at Taylor Bayou. <br /> <br />The Staff and developer apprised the board of possible retail activity along the Highway 146 <br />frontage and discussed issues with the marketplace. Mr. Joerns gave the board an update on the <br />Fairmont Greens project. Mr. Joorns informed the board that 3 houses have been constructed <br />with one sol~ No action was taken. <br />Wtl~10 \+t~ RC,'lLb~l A"T tstHfO'K..t:3'l ...bC.vcCC>{:.>IL{e.\J"~ <br />8. Consider approval of invoices. <br /> <br />Mr. Hawes presented the invoices. Upon a motion made by Director Porter, and being seconded <br />by Director Martin, the board unanimously approved payment of the invoices. <br /> <br />9. Board comments---None were offered. <br /> <br />10. Adjournment. The Chairman adjourned the meeting at 7:04 PM <br />