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(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. Taking an average of the Excluding sales tax revenue, the estimated annual taxes would be $42,600
<br />to $56,800. 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 . Assuming a total
<br />. Assuming a total
<br />$44,730$44,730
<br />incentive grant of incentive grant of ($66,000 that has already been approved and development agreement signed plus ($66,000 that has already been approved and development agreement
<br />signed plus
<br />$106,000$106,000
<br />$40,000 requested here) and new annual taxes ($49,700 $40,000 requested here) and new annual taxes ($49,700 -- $4,970) of $4,970) of , the break, the break--even point would be even
<br />point would be
<br />$44,730$44,7302
<br />and. .
<br />years 4 months 4 months
<br />
<br />Action Required of Council:Action Required of Council:
<br />
<br />Consider approval or other action designating a $40,000 economic development incentive to Rob Johnson Interests Consider approval or other action designating a $40,000 economic development
<br />incentive to Rob Johnson Interests
<br />for a new retail development as a project of the La Porte Development Corporation Board.for a new retail development as a project of the La Porte Development Corporation Board.
<br />Approved for City Council AgendaApproved for City Council Agenda
<br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerCorby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDateDateDate
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