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<br />Standard economic development practice has moved toward using performance- <br />based standards to safeguard the public interest in incentive agreements. The extent <br />of the incentive(s) to be offered could be a substantial percentage of the net gain to <br />the community, as measured by the expected tax revenue gains minus direct costs, <br />and the community should be aggressive in working with companies and projects that <br />meet the criteria established. However, the return of these funds must be <br />performance-based, and must occur after the funds have been paid initially to the <br />City. <br /> <br />Policy Guideline #5: <br />La Porle should reserve the right to craft a unique incentive package in the case of <br />extraordinary opporlunities for economic development in La Porle. These may <br />include cases with: 1) exceptionally high levels of economic impact as measured by <br />investment, jobs, or tax revenue; or, 2) opporlunities to leverage significant funds from <br />other public sector jurisdictions, for example federal or state sources. <br /> <br />Inevitably, there will be situations that should be exceptions to the policy guidelines <br />outlined above. This guideline provides some indication about the conditions under <br />which an exception should be made, and acknowledges that overall policy must be <br />flexible. <br /> <br />The Appendix of this report contains an example of an incentive policy in action. <br /> <br />Tactic 1.3.2: Create specific incentive strateqies for Svlvan Beach. Main Street. and a new <br />retail center. <br /> <br />These three areas of focus likely will each require additional elements beyond those outlined <br />in the incentive policy above. For example, Harris County is a significant stakeholder in <br />Sylvan Beach, and policy & plans for its redevelopment and/or reuse should reflect their <br />cooperation and participation. Some tools that could facilitate the revitalization of Main Street <br />and the development of the retail site(s) are already in place (such as the TIRZ). These may <br />need to be modified or augmented (through boundary expansion, regulatory reform, etc.) <br /> <br />Forward La Porte Economic Development Strategic Plan I 2009-2013 <br />