1998-08-10 Regular Meeting and Workshop of City Council

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I I I I I I I I I I I I I , I I' I I I e CITY OF LA PORTE e t~~~ttt~t@ttt~~~~~~~~~~t~~~~Ii~~~~i~i~~~~i~~~~E~~~~~i~~a~~~~~{ii~~~~~i~~i~Mti~ttttt~~~~i~i~i~~~i~i~it~t i~i~j~j~j~j~j~j~j~j~j~i~j~j~j~j~i~j~j~i~j~i~j~j~j~j~j~~~i~~~~~j~~~~~j~~~I~~~~j~i~\~j~~i~~i;~~i~~~i~j~;;;~j~j~~;i~;~j~~~~~j~~~~~i~~~i~~~~i~;~~~i~~~i~~~j;jj~ii~~~~~~~j~j~j~j~j~j~j~i~j~j~j~j~j~j~j~j~j~j~j~j~j~j~j~j~j~j August 6, 1998 TO: Mayor and City Council FROM: Robert T. Herrera, City Manager Q~,.~ Tax Increment Financing (TIF) Workshop SUBJECT: For your reading and study I have put together a packet of information. The enclosed material is intended to support your understanding of TIF's, their common uses, and questions that require some insight. I assume that Monday's Workshop on the proposed TIF that has been submitted by local developers is to educate and sl18re with the City their proposed project. Base on what I have read, their material is still in the preliminary stages, and many questions remain unanswered. I hope the meeting sheds more light on their project plans and their reinvestment zone financing plan. Council will be asked by the developers to consider a policy decision on the use of residential .TIF's for their development. Please keep this thought in mind so staff will know how to proceed. At the conclusion of the Workshop, Council will need to give direction on this matter so ~ that the developer and City staff know how to proceed. RTH:cjb Enclosure c John Joems Jeff Litchfield David Fetzer Paul Martin Knox Askins