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RN. <br />ESOLUTIONO <br />OrdinanceNo.2010-3248 <br />WHEREAS,theCityofLaPorte, Texas(City)haspreviouslypassedelecting <br />toparticipateintheTexas EnterpriseZoneProgram,andthelocalincentivesofferedunderthisresolution <br />OrdinanceNo. 2010-3248 <br />arethesameonthisdateaswereoutlinedin; <br />WHEREAS,theOfficeoftheGovernorEconomicDevelopmentandTourism(EDC)throughthe <br />EconomicDevelopmentBank (Bank)willconsiderEquistarChemicals,LPasanenterpriseproject <br />pursuantto anominationandan applicationmadebytheCity; <br />WHEREAS,theCitydesirestopursuethecreationofthepropereconomicandsocialenvironmentin <br />ordertoinducethe investmentofprivateresourcesinproductivebusinessenterpriseslocated intheCity <br />andtoprovideemploymenttoresidentsofenterprisezonesandtoothereconomically disadvantaged <br />individuals; <br />WHEREAS, pursuant toChapter2303,Subchapter Fof the TexasEnterpriseZone Act,Texas <br />GovernmentCode(the "Act"),EquistarChemicals,LPhasapplied tothe Cityfordesignationasan <br />enterpriseproject; <br />WHEREAS,theCityfindsthatEquistarChemicals,LPmeetsthe criteriafordesignation asa double <br />jumbo enterpriseprojectunderChapter2303, SubchapterFoftheActon thefollowinggrounds: <br />1.EquistarChemicals,LPisa"qualifiedbusiness"underSection2303.402oftheActsinceit <br />willbeengagedintheactiveconductofatradeorbusinessataqualifiedbusiness sitenot located <br />inanenterprisezoneandatleastthirty-fivepercent(35.0%)ofthebusiness'newemployeeswill <br />beresidentsofan enterprisezoneoreconomicallydisadvantaged individuals;and <br />2.There has been and willcontinue to be a highlevelof cooperation between public, private, and <br />neighborhood entitieswithinthearea;and <br />3.ThedesignationofEquistarChemicals,LPasanenterpriseprojectwillcontributesignificantly <br />totheachievementoftheplansoftheCityfordevelopmentand revitalizationofthearea. <br /> <br />WHEREAS, the Cityfinds that EquistarChemicals,LPmeetsthe criteriafor tax reliefand other <br />incentivesadoptedby theCity andnominatesEquistarChemicals,LPfordoublejumboenterpriseproject <br />statusonthegroundsthatitwillbelocatedatthequalifiedbusinesssite,willcreateahigherlevelof <br />employment, economicactivityand stability;and <br />WHEREAS,theCityfindsthatitisinthebestinterestoftheCitytonominateEquistarChemicals,LPas <br />adoublejumbo enterpriseprojectpursuanttotheAct; <br />NOW,THEREFORE,BEITRESOLVEDBYTHECITYCOUNCILOFTHECITYOFLAPORTE: <br />ThatthefindingsoftheCity and itsactionsapprovingthisresolutiontaken atthecouncilmeeting are <br />herebyapproved andadopted. <br />BEITFURTHERRESOLVEDthatEquistarChemicals,LPisa"qualifiedbusiness",asdefinedin <br />Section 2303.402oftheAct,andmeetsthecriteriafordesignationasanenterpriseproject, as setforthin <br />Section 2303, SubchapterFoftheAct. <br />BEITFURTHERRESOLVEDthattheenterpriseprojectshalltakeeffectonthedateofdesignationof <br />theenterpriseprojectbytheagencyand terminateonSeptember3,2018. <br /> <br />