08-11-99 La Porte Reinvestment Zone Number One

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'K l' .'~ "LPISD" is defined in Section I of this Agreement and includes its successors and assigns. "LPISD Tax Increment Participation" means the amount of the LPISD tax levy on the Captured Appraised Value which LPISD agrees to contribute to the La Porte Zone pursuant to Subsections A, B and C of Section IV of this Agreement. "Project Costs" means the costs identified as "project costs" in the Project Plan for the La Porte Zone. "Project Plan" means the project plan and the reinvestment zone financing plan for the La Porte Zone adopted by the board of directors of the La Porte Zone and approved by the City Council of the City on August 23, 1999, by Ordinance No. , and as may be further amended from time to time. "Tax Increment FundI! means the tax increment fund created by the City for the La Porte Zone. Otherwise, the terms used herein shall have the meanings ascribed to them in Chapter 311, Texas Tax Code, or the Texas Education Code, as applicable. ill. BACKGROUND By Ordinance No. 99-2325, adopted May 24, 1999, the City created the La Porte Zone for the purposes of development and redevelopment in the La Porte Area. The Board of Directors of the La Porte Zone adopted a project plan and reinvestment zone financing plan, which was approved by the City on August 23, 1999, by City of La Porte Ordinance No. _' The City currently contributes tax increments produced in the La Porte Zone to the Tax Increment Fund. LPISD desires to participate in the La Porte Zone in consideration for the agreements set forth below. LPISD hereby acknowledges receipt of notice of the initial creation of the La Porte Zone prior to May 31, 1999. AMJ\176718.1\INTERLOCAL AGRMr\LPISDI3668.4