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

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. 'e 5, Harris County will participate at their tax rate applied to 75% of the increase in taxable value over the base year (1999) taxable value. Algebraically, this can be restated as saying they are participating at 75% of their Tax Rate. Further, the first year they participate will be tax year 2001. 6. Payments are due 90 days after the day that taxes are normally due. Since taxes are due January 31, this means the City will need to make sure the TIRZ calculations occur by the end of April each year. Summary Attached are reports which show the City, School District and County's Taxable Values for property located in the TIRZ as of January 1, 1999. Also attached are reports for the City and the School District which show the Taxes Billed, Collected and Still Due for the 2000 Tax Year. After boiling all of the ordinances down to their essential elements, it seems the only items that are needed each year are the taxes billed and collected in the TIRZ as well as each entities tax rate. Finally, I have attached the spread sheets which calculate the TIRZ values for the City and the School. Even though I did not print it out, I have also prepared the spread sheet that will be for the County for next year. I have copied these reports on the enclosed diskette so they can be used next year. I think that next year, a section needs to be added to the spread sheets that will capture delinquent taxes that were collected within the last year, because that could have a major impact on the amount of funds going into the TIRZ. For example, there ~re two delinquent accounts (024-180-092-0008 (Decker McKim) and 035-214-80-0001 (Little Cedar Bayou Manor) that. if their taxes had been collected, would have increased t~e contribution to the TIRZ by $5,064. The preparation of this report was very time consuming with the majority of the time being spent identifying property and reviewing the ordinances. Next year, the only information we need from the City is the amount of taxes billed and collected for property located in the TIRZ. Kathy Powell has coded each of the accounts in the Tax System and a special report can be prepared that provides ,this information. For the County, it will be a different story, The best course of action will probably be for someone to look up each of the accounts on the County's on-line system to see what the values are. I think that will be better than trying to get them to have a ~pecial report written for their system. ' In' conclusion, the City of La Porte needs to transfer $8,461.10 into the TIRZ fund. The School District needs to contribute $19,615.97, with $10,349,53 being available for general projects and $9,266.44 being set aside for Educational Facilities Project Costs. ' Please let me know if you need me to do any other tasks for this project, such as a letter to the School District or meet with the TIRZ Board. Xc: Cynthia Ale~ander, (without maps) Kathy Powell (with maps) 6