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<br />The subject property of both Phases #1 and #2 is on the tax rolls for $700,000, which yields approximately $4,970 The subject property of both Phases #1 and #2 is on the tax rolls
<br />for $700,000, which yields approximately $4,970
<br />(at $0.71/$100 of assessed value) annually in taxes to the City of La Porte. Once development has been (at $0.71/$100 of assessed value) annually in taxes to the City of La Porte. Once
<br />development has been
<br />completed on both phases, the estimated taxable value of the new development will be $6,000,000 to $8,000,000. completed on both phases, the estimated taxable value of the new development
<br />will be $6,000,000 to $8,000,000.
<br />Excluding sales tax revenue, the estimated annual taxes would be $42,600 to $56,800. Excluding sales tax revenue, the estimated annual taxes would be $42,600 to $56,800. Taking an
<br />average of the Taking an average of the
<br />two, if the estimated taxable value were to be $7,000,000, the annual taxes would be $49,700. Therefore, the two, if the estimated taxable value were to be $7,000,000, the annual taxes
<br />would be $49,700. Therefore, the
<br />estimated annual increase in taxes upon completion of the multiestimated annual increase in taxes upon completion of the multi--phase project is phase project is ..
<br />$44,730$44,730
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<br />Assuming a total incentive grant of Assuming a total incentive grant of ($66,000 plus $40,000) and new annual taxes ($49,700 ($66,000 plus $40,000) and new annual taxes ($49,700 --
<br />$4,970) of $4,970) of
<br />$106,000$106,000
<br />, the break, the break--even point would be even point would be andand..
<br />$44,7302 years 2 years 4 months 4 months
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<br />Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation:
<br />Consider approval or other action authorizing Board President Richard Warren to sign and execute the enclosed Consider approval or other action authorizing Board President Richard Warren
<br />to sign and execute the enclosed
<br />Consider approval or other action authorizing Board President Richard Warren to sign and execute the enclosed Consider approval or other action authorizing Board President Richard Warren
<br />to sign and execute the enclosed
<br />development agreement with the development agreement with the Rob Johnson Realty CorporationRob Johnson Realty Corporation..
<br />Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda
<br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate
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