03-29-10 Special Called Regular Meeting of the Fiscal Affairs Committee

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SUMMARY APPRAISAL REPORT 6 subject property is located in La Porte, Texas which was incorporated in 1892. La Porte is located on the west bank of Galveston Bay, south of the Houston Ship Channel along the east and West lines of State Highway 146. La Porte encompasses about 19 square miles. According to the 2000 census La Porte had a population of 31,880 people and an estimated 2005 population of 35,213 people. La Porte is projected to have a population of 37,460 people by year 2010. The draw to La Porte is its close proximity to a variety of employment opportunities in eastern Harris County. The Houston Ship Channel is located just to the north while NASA and the Clear Lake area is just south. The city is viewed as being an industrial community anq it is flanked on the north and south sidys by petrochemical plants. However the city also offers a variety of other attractions including Sylvan Beach Park & Pavilion, Galveston Bay, The Ross Sterling Mansion, Bay Forest (Jolf Course, San Jacinto State Historical Park, Little Cedar Bayou Park, and the Houston Yacht Club. Another notable landmark in the city is the Fred Hartman Bridge which is the world's second largest cable stayed bridge with a main span of2,475 feet. La Porte, and the surrounding Houston Metropolitan Area, has a strong relationship with the petrochemical industry. The industrial district is home to more than 3,200 manufacturing plants and the nation's largest concentration of petrochemical plants. Other major industries in the area include aerospace technology, medicine, and computer related technology. La Porte's top businesses include Equistar Chemicals, LP, Celanese, Ltd., Conoco, Inc., Air Liquide America, Mon,teIl USA, Inc., Aristech Chemical Corp., Lyondell Chemical, Akzo Nobel Catalysts, LLC, Haldor Topsoe, In,c., an,d Air Products, Inc. The following table presents the historical unemployment rate for La Porte, as well as the overall area, l Unemployment Data City of Harris Houston MSA State of La Porte County MSA Texas 1998 3.;3% 4.4% 4.4% 4.9% 1999 3.6% 4.8% 4.8% 4.7% 2000 3.4% 4.3% 4.3% 4.4% 2001 3.7% 4.7% 4.7% 5.0% 2002 4.8% 6.1% 6.0% 6.4% 2003 5.3% 6.8% 6.7% 6.7% 2004 4.9% 6..3% 6.2% 6.0% 20,05 5.5% 5.6% 5.6% 5,4% 2006 4.8% 5.0% 4.9% 4.9% 2007 4.1% 4.2% 42% 4.3% Feb-08 4.2% 4.1% 4.3% 4.3% Source: Bureau Of Labor Statistics As of February 2008 La Porte recorded a total labor force of 18,180 people with an unemployment rate of 4.2%. The city's unemployment rate exceeds the rate for both the The Bilicek Company