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<br /> <br />City of La Porte <br />Interoffice Memorandum <br /> <br />From: <br /> <br />John Joerns, Assistant City <br /> <br /> <br />To: <br /> <br />Mayor and Council <br />Debra Feazelle, City Manager. <br /> <br />Date: <br /> <br />May 31, 2006 <br /> <br />Subject: <br /> <br />Port Crossing/Underwood Business Park <br />Request for Foreign Trade Zone <br /> <br />Attached is a tax impact spreadsheet for Port Crossing prepared by the consultants (IMS <br />Worldwide). <br /> <br />A few reminders: <br />o Although the line item estimates the total revenue to the City (based on certain <br />assumptions). <br />o The City will not realize the (increased) revenue component for property, buildings and <br />equipment. <br />o This component is revenue for the TIRZ until December 31, 2029 (unless dissolved <br />sooner). <br />o It is programmed for public infrastructure improvements with approximately $11 million <br />already pledged for reimbursement. <br />o The inventory component would be revenue to the City. <br /> <br />Secondly: <br />o The Underwood Business Park is also the site for Packwell, which has requested a Tax <br />Abatement agreement (declining percentage for 10 years). <br />o Council may want to weigh this if local exemption for qualified inventory is considered <br />for the entire 200 Ac Park. <br /> <br />11lml <br />c: Cynthia Alexander, Assistant City Manager <br />