Laserfiche WebLink
<br />AGENDA ITEM 5 <br /> <br />DISCUSS AND TAKE APPROPRIATE ACTION WITH REGARD TO THE <br />INTERLOCAL AGREEMENT BETWEEN THE CITY OF LA PORTE, LA <br />PORTE INDEPENDENT SCHOOL DISTRICT AND REINVESTMENT ZONE <br />NUMBER ONE, CITY OF LA PORTE, TEXAS. <br /> <br />Exhibits: <br />1. Interlocal Agreement Between City of La Porte, LPISD, and Reinvestment Zone Number One <br /> <br />A key feature of a Tax Increment Reinvestment Zone is the Tax Participation Agreement between the <br />City, the Board, and the participating taxing entities. La Porte Independent School District has been <br />asked to participate in the TIRZ to a point that is revenue neutral. This means the District, under their <br />funding formula, will not lose tax revenues that would normally go to their general fund. This agreement <br />provides for LPISD participation at 100% of the tax increment attributable to LPISD. The approved <br />Project and Reinvestment Zone Financing Plan estimates $0.86/100 valuation to be dedicated to non- <br />educational project costs and $0.64/100 dedicated to educational project costs. <br /> <br />The City Council will consider approving this Interlocal Agreement at their August 23, 1999 meeting <br />and La Porte Independent School District will consider approval at their meeting on August 24, 1999. <br /> <br />This agreement is currently being reviewed by legal counsel for both the City and La Porte Independent <br />School District. Any changes should be minor and will be presented to City Council on Monday August <br />23, 1999. <br /> <br />It is recommended that Board take action on this item tonight to reduce concern over future <br />interpretations of State Law regarding particip~tion by school districts after August 31, 1999. <br /> <br />AGENDA ITEM 6 <br /> <br />OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE BOARD <br /> <br />~ Discuss future meeting dates and times <br /> <br />~ Staff Reports <br /> <br />~ Directors Comments <br /> <br />~ Other <br />