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City Council Workshop <br />May 17, 1999 <br />Additional Information On The Proposed Tax Increment Reinvestment Zone <br />The following information was also provided to the City Council Subcommittee <br />on May 12, 1999. <br />Reminder: Need to Appoint Board of Directors <br />If Council approves the creation of Reinvestment Zone #1 we then need <br />to, as soon as practical, appoint the Board of Directors. Page 8 of our draft <br />guidelines provides the requirements and composition of the Board for a <br />Commercial Zone. Once the Zone is created we need to notify the taxing <br />units that levy taxes (LPISD, Harris County, and San Jacinto College <br />District) as they may each appoint one Board member. <br />• For ,your information: As long as the legislature is in session there is <br />the chance that an amendment may be introduced that prevents school <br />districts from participating in Reinvestment Zones, even if they are <br />created prior to September 1. There have been at least three <br />amendments proposed in the last two weeks that would effectively <br />eliminate school districts' participation. We have written letters and <br />made phone calls to our legislators. We have also notified SEED, <br />Chamber of Commerce, and Larry Wright of Bayshore National Bank <br />and asked for their support. David Hawes has been active in keeping <br />us, as well as his other clients, informed on this matter. <br />• For your information: The Notice of Public Hearing for the May 24, <br />1999 Public Hearing regarding the creation of Tax Increment <br />Reinvestment Zone Number One, La Porte, Texas will be published in <br />this -., <br />