1999-05-17 Special Called Meeting and Workshop Meeting

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DRAFT 03.11.99 PROPOSED REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS PRELIMINARY REINVESTMENT ZONE FINANCING PLAN OVERVIEW The proposed reinvestment zone consists of approximately 1,080 acres of land, of which approximately 520 acres is available to be developed as a master planned community consisting of single family and multi -family residential, retail and light to business industrial uses. The area included in the proposed zone is predominately open. The excessive costs associated with constructing a regional detention basin and channel system and oversized sanitary sewer lift stations, force mains and gravity collection lines in accordance with the City's master plan prohibits the sound growth of the municipality and impedes the development of the area solely through private investment in the reasonably foreseeable future. A regional approach to storm water detention is also necessary due to the inherent inefficiencies in localized detention which will decrease the amount of usable land, thus limiting the amount of taxable value within the area. Expenditures associated with the design, construction and financing of public improvements, as well as other specific project related costs are to be funded by tax increment revenue derived from new residential and commercial property value increases. It is anticipated that the Zone will enter into Development Reimbursement Agreements. Developers may be reimbursed for funds advanced on behalf of the reinvestment zone for the design and construction of specific public facilities and related project costs as detailed in this Preliminary Plan. The Developers will dedicate all public improvements to the City. This document constitutes the Preliminary Reinvestment Zone Financing Plan as required by Chapter 311, Texas Tax Code. The purpose of the proposed reinvestment zone is to facilitate the development/redevelopment of residential and commercial properties through the financing of: • Water, wastewater, drainage facilities; . Landscaping and streetscapes; and • New Streets;' • Conference Center/Hotel • Parking facilities • Marina/Breakwater/Recreation Facilities The proposed public improvements to be constructed within the proposed zone will facilitate private investment within the area substantially earlier than would otherwise occur, if at all. The public improvements will facilitate the master -planned community concept proposed' for the proposed zone and it is expected that the public improvements will spur additional development and redevelopment throughout the City of La Porte and the surrounding area. Preliminary Reinvestment Zone Financing Plan 1 La Porte, Texas