09-22-04 Meeting of the Tax Increment Reinvestment Zone Number One minutes

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Message Page 1 of 1 Joerns, John -----~---- ------~---------- -~- -~-~--------~------- --- ---~- ---- --~ _"_________~______._w______ _______ Sent: To: Cc: From: Powell, Nancy (CEDD) [NancLPowell@hctx.net] Wednesday, September 29,20045:09 PM 'JoernsJ@ci.la-porte.tx.us' Turkel, David (CEDD); Rodriguez, Olga (Commissioner Precinct 2); Kasmani, Dilshad (Tax Office); 'dhawes@haweshill.com' Subject: LaPorte TIRZ Payments from Harris County through 2004 (Tax Year 2003) To: John Joerns, City of LaPorte From: Nancy Powell, Harris County Attached is an Excel spreadsheet, prepared by the Office of the Harris County Tax Assessor-Collector (Mr. Dilshad Kasmani), containing the calculations for Harris County's cumulative payments due to the City of La Porte TIRZ #1 through 2004 (tax year 2003). The cumulative amounts due for each year are summarized below: Actual Payment Made in 2002 $11,952.09 Due in 2002 for Tax Year 2001 Due in 2003 for Tax Year 2002 Due in 2004 for Tax Year 2003 Total Payments Due as of 2004 $3,238.77 $2,822.33 $4,485.09 $10,546.19 (OYer) / Under Payment to-date ($1,"05.90) As you know, Harris County overpaid in our first year of participation in the TIRZ because the payment calculations erroneously included increment from tracts outside the TIRZ boundaries. The amount the County paid in 2002 (for the 2001 tax year) was $11,952.09, compared to $3,238.77 actually due. When the error in the payment calculations was discovered by the TIRZ auditors in early 2003, we opted to offset subsequent year County payments against the overpayment amount, rather than obtaining reimbursement from the TIRZ for a relatively small sum. Through 2004, Harris County's cumulative payment liability to the LaPorte TIRZ is $10,546.19, as supported by the detail in the attached. After offsetting the cumulative due against the initial overpayment by Harris County, the remaining credit still due to the County from the TIRZ is $1,405.90. We propose to offset this remaining credit as a partial payment against the amount likely to be owed by the County to the TIRZ next year (for the 2004 tax year). Please do not hesitate to call me if I may be of further assistance, or if you need any additional information. Nancy E. Powell Deputy Director of Economic Development Harris County Community & Economic Development Depat1ment 8410 Lantern Point Houston, TX 77054 Phone: 713-578-2254 Fax: 713-578-2250 Email" fLE1Ilc;YJJQWgjl@f1c;t:x.Jlet 10/6/2004