11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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. e LPISD's AND HARRIS COUNTY'S PARTICIPATION In establishing procedures which can be followed each year to calculate the financial transactions for the City's Tax Increment Reinvestment Zone, I relied on the following information. The items underlined are areas I selected to highlight because they were used as the basis for my conclusions. City of La Porte Ordinance 99-2325, May 24, 1999 Section 5. Tax Increment Base That the Tax Increment Base of the City or any other Taxing Unit participating in the Zone for the Zone is the total appraised value of all real property taxable bv the City or other taxina unit participatina in the Zone and located in the Zone. determined as of January 1. 1999. the year in which the Zone was designated as a reinvestment zone (the "Tax Increment Base"). Section 6. Tax increment Fund That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into subccounts as authorized ,by subsequent ordinanGes. All Tax Increments, as defined hereafter, shall be deposited in the Tax Increment Fund. The Tax Increment Fund and any subaccount shall be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for funds of Texas Cities. The annual Tax Increment shall equal the property taxes levied by the City and any other taxing unit participating in the Zone for that year on the captured appraised value, as defined by Chapter 311 of the Texas Tax Code, of real property located in Zone that is taxable by the City or any other taxing unit participating in the Zone, less any amounts that are to be allocated from the Tax Increment pursuant to Chapter 311 of the Texas Tax Code. Interlocal Agreement between City of La Porte and La Porte Independent School District Section II. Definitions "LPISD Tax Increment Participation" means the amount of the LPISD tax levy on the Captured Appraised Value which LPISD agrees to contribute to the La Porte Zone pursuant to Subsections A, B, and C of Section IV of this Agreement. Section IV. ' Obligation of LPISD A. Tax Increment Participation by LPISD For and in consideration of the Agreements of the parties set forth herein, and subject to the remaining subsections of this section, LPISD agrees to participate in the La Porte Zone by contributing one hundred percent (100%) of the tax increment produced in the La Porte Zone attributable to LPISD to the Tax Increment Fund during the term of this Agreement. B. Option to Reduce Participation In circumstances where there is not a loss caused by a change in law such that Section IV.E. applies, upon written notice to the City, LPISD may reduce its LPISD Tax 2