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REQUEST FOR CITY COUNCILAGENDA ITEM <br />Budget <br />Agenda Date Requested: February 10,2014 <br />Source of Funds: <br />Requested By: Scott D. Livingston <br />Account Number: <br />Department: Administration/Economic Development <br />Amount Budgeted: <br />Report: Resolution: Ordinance: X <br />Amount Requested: <br />Exhibit:Copy of the TIRZ Board’s Minutes from Sept. 18, <br />Budgeted Item:YES NO <br /> 2013Recommending Expansion of TIRZ #1 <br />Exhibit: Proposed Ordinance to Approve an Expansionof <br />TIRZ #1 in La Porte <br /> <br />Exhibit:Metes and Bounds of the Proposed Expansion Area <br />SUMMARY & RECOMMENDATIONS <br />NOTE: This item was postponed at the October 28, 2013 Council meeting until December <br />9. This item has been unchanged from the information that appeared in the October <br />th <br />agenda.The public hearing was opened and closed during the October 28meeting and <br />therefore, the items are ready for Council consideration and action.The developer has <br />requested that all items related to this development be postponed until February 10, 2014. <br />The purpose of this TIRZ enlargement is to provide for the construction of public utilities and <br />storm water detention facilities to accommodate the proposed residential and commercial <br />development project within a 33 acres tract located at the northwest corner of Spencer Highway <br />and Sens Road. The tax increment revenue to fund the public improvements will come from the <br />increase in taxable value in the enlargement area of the Zone. <br />According to estimates, the TIRZ project costs (those development costs that will be reimbursed <br />to the developer from TIRZ revenues) are $1,741,849. The project is projected to create over <br />$25 million in taxable value and $2.5 million in TIRZ revenues through the end of the term of <br />the TIRZ in 2030. <br />This is the first step in the process for formally enlarge the TIRZ. The companion item, <br />approving the revised Project Plan, is set for a Public Hearing on this agenda as well. The <br />proposed enlargement and TIRZ Project Plan amendment were presented to the TIRZ board in <br />September and the TIRZ board recommended approval by City Council. <br />Action Required by the City Council: <br />Consider approval or other action of an ordinance that expands TIRZ #1 in La Porte, Texas. <br />Approved for the City CouncilAgenda <br />Corby D. Alexander, City Manager Date <br /> <br />