2000-12-11 Regular Meeting and Special Called Workshop Meeting

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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested By Department: Report: Resolution: Ordinance: X Exhibits: 1. Ordinance No. 2. Interlocal Agreement between City of La Porte, Harris County, and Reinvestment Zone Number One Aanrouriation Source of Funds: Account Number: Amount Budgeted: Amount Requested: Budgeted Item: _YES _NO SUMMARY & RECOMMENDATION A key element of our Tax Increment Reinvestment Zone is the Tax Participation Agreement between the City, the Board, and the participating taxing entities. On August 23, 1999, City Council approved an interlocal agreement between City of La Porte, La Porte Independent School District, and Reinvestment Zone Number One. This agreement outlined and authorized La Porte Independent School District's participation in Reinvestment Zone #1. The City focused on completing the agreement with La Porte Independent School District because of a legislative deadline of September 1, 1999 affecting school district participation in tax increment zones. The City and David Hawes then initiated discussions with Harris County regarding their participation. After agreement was reached in principle, the City drafted a proposed interlocal agreement which was reviewed by Harris County without any significant changes. Harris County did request the City revise Exhibit "A" to include a description of the projects the County is agreeing to participate in and the City requested some clarifying language on Harris County participation in bond financing costs. Harris County's agreed participation is 75% of the tax increment attributed to the captured appraised value in the La Porte Zone (75% of $.39/100 valuation). Harris County's participation is limited to the projects described in Exhibit A. On October 19, Harris County provided the City with a copy of the final draft agreement, which was approved by Commissioner's Court on October 24, 2000. The TIRZ Board of Directors approved the interlocal Agreement at their meeting on November 29, 2000. Staff and the TIRZ Board of Directors recommend City Council approve the interlocal Agreement between the City of La Porte, Harris County, and Reinvestment Zone Number One, City of La Porte, Texas. Action Required by Council: Consider approval of Ordinance No. Do"a+� 4 approving the interlocal Agreement between the City of La Porte, Harris County, and Reinvestment Zone Number One, City of La Porte, Texas. AnDrwr9'ffX0 OtMouncil Agenda .e 07 0 0 bert T. rrera, City Manager Date