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performance of its governmental function to promote the common good and <br />general welfare of Tax Increment Reinvestment Zone (the “TIRZ”) and <br />neighboring areas, and to promote, develop, encourage, and maintain <br />housing, educational facilities, employment, commerce, and economic <br />6 <br />development in the City.” <br />One of the current projects undertaken by the Authority was to enter in a <br />Development Agreement with Port Crossing Limited for the purpose of <br />constructing TIRZ public infrastructure in the Lakes at Fairmont Green <br />development. Unfortunately, the national recession and downturn in the <br />local residential housing market slowed growth and has resulted in an <br />inability of the private developer to repay fronted public infrastructure costs. <br />This has further limited the ability of the Authority to issue more debt, or <br />7 <br />enter into other notes, bonds, or obligations. <br />Key Planning Considerations <br />Key planning considerations regarding expanding the economic development <br />toolkit include: <br />1)Expanding the City’s economic development program to <br />ensure there is a comprehensive and coordinated <br />What are “Business Incubators”? <br />resource toolkit to serve the City’s existing and future <br /> <br />business community. <br />“Business incubators nurture the <br />2)Ensuring existing and future businesses have a dedicated <br />development of entrepreneurial <br />person with whom to collaborate when deciding whether <br />companies, helping them to survive and <br />to relocate to the City, and to assist them through the <br />grow during the start-up period, when they <br />relocation and/or development process. <br />are most vulnerable. These programs <br />3)Increasing coordination with partners to ensure <br />provide their client companies with <br />economic development incentives are provided in a <br />business services and resources tailored to <br />synergistic, efficient, and cost effective manner. <br />young firms. The most common goals of <br /> <br />incubation programs are creating jobs in a <br />Goal 5.1: Re-evaluate and retool the City’s economic <br />community, enhancing a community’s <br />development program toolkit. <br /> <br />entrepreneurial climate, retaining <br />Actions and Initiatives <br />businesses in a community, building or <br />1)Consider becoming a member of the National Business <br />accelerating growth in a local industry, and <br />8 <br />Incubator Association (NBIA) and establishing a small <br />diversifying local economies.” <br />business incubator site within the City in coordination <br /> <br />with the San Jacinto College Small Business Development <br />Source: National Business Incubator Association (NBIA) <br /> <br />6 <br /> Independent Auditor’s Report of the La Porte Redevelopment Authority. Patillo, <br />Brown & Hill, LLP. September 30, 2010. <br />7 <br /> Ibid. <br />8 <br /> Further information on the National Business Incubator Association can be found at <br />http://nbia.org/. <br />5.7 <br /> <br />Economic <br />2. <br />7 Adopted July 20, 2009 <br />Dlt <br /> <br />