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The subject property of both Phases #1 and #2 is on the tax rolls for $700,000, which yields approximately perty of both Phases #1 and #2 is on the tax rolls for $700,000, which
<br />yields approximately $4,970
<br />o
<br />(at $0.71/$100 of assessed value) annually in taxes to the City of La Porte. Once development has been f assessed value) annually in taxes to the City of La Porte. Once development
<br />has been
<br />o
<br />completed on both phases, the estimated taxable value of the new development will be $6,000,000 to $8,000oth phases, the estimated taxable value of the new development will be $6,000,000
<br />to $8,000,000.
<br />,
<br />Excluding sales tax revenue, the estimated annual taxes would be $42,600 to $56,800. Taking an average o tax revenue, the estimated annual taxes would be $42,600 to $56,800. Taking
<br />an average of the
<br />sf
<br />two, if the estimated taxable value were to be $7,000,000, the annual taxes would be $49,700. Therefore, tmated taxable value were to be $7,000,000, the annual taxes would be $49,700.
<br /> Therefore, the h
<br />$44,730$44,730
<br />estimated annual increase in taxes upon completion of the multl increase in taxes upon completion of the mult--hase project is hase project is ..
<br />aiipp
<br />$106,000$106,000
<br />Assuming a total incentive grant of l incentive grant of ($66,000 plus $40,000) and new annual taxes ($49,700 - $4,9 ($66,000 plus $40,000) and new annual taxes ($49,700 - $4,970) of
<br />
<br />a7
<br /> ($66,000 plus $40,000) and new annual taxes ($49,700 - $4,970) of
<br />l incentive grant of
<br />$106,000$106,000
<br />$44,73022yyears ears 4 months 4 months
<br />, the breaea-even point would be -even point would be anan..
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<br />Action Required bred byy the La Porte Develo the La Porte Developpment Corment Corpporation:oration:
<br />Cidlhihiididihdidhllhihiididihdidhld
<br />Consider approval or other action authorizing Board President Richard Warren to sign and execute the enclval or other action authorizing Board President Richard Warren to sign and execute
<br />the enclosed
<br />o
<br />development agreement with the reement with the Rob Johnson Realty Rob Johnson Realty CorporatioCorporatio”.”.
<br />g““nn
<br />Approved for the La Porte Develothe La Porte Developpment Corment Corpporation Aoration Aggendendaa
<br />Corby D. Alexander, Citxander, Cityy Mana ManaggeerrDateDate
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