06-25-18 Regular Meeting of the La Porte Development Corporation Board

Browse Search

Standard economic development practice has moved toward using performance- based standards to safeguard the public interest in incentive agreements. The extent of the incentive(s) to be offered could be a substantial percentage of the net gain to the community, as measured by the expected tax revenue gains minus direct costs, and the community should be aggressive in working with companies and projects that meet the criteria established. However, the return of these funds must be performance-based, and must occur after the funds have been paid initially to the City. Policy Guideline #5: La Porte should reserve the right to craft a unique incentive package in the case of extraordinary opportunities for economic development in La Porte. These may include cases with: 1) exceptionally high levels of economic impact as measured by investment, jobs, or tax revenue; or, 2) opportunities to leverage significant funds from other public sector jurisdictions, for example federal or state sources. Inevitably, there will be situations that should be exceptions to the policy guidelines outlined above. This guideline provides some indication about the conditions under which an exception should be made, and acknowledges that overall policy must be flexible. TheAppendixofthisreportcontainsanexampleofanincentivepolicyinaction. Tactic 1.3.2: Create specific incentive strategies for Sylvan Beach, Main Street, and a new retail center. These three areas of focus likely will each require additional elements beyond those outlined in the incentive policy above. For example, Harris County is a significant stakeholder in Sylvan Beach, and policy & plans for its redevelopment and/or reuse should reflect their cooperation and participation. Some tools that could facilitate the revitalization of Main Street and the development of the retail site(s) are already in place (such as the TIRZ). These may need to be modified or augmented (through boundary expansion, regulatory reform, etc.) 25 Forward La Porte Economic Development Strategic Plan I 2009-2013