10-12-05 Meeting of the Tax Increment Reinvestment Zone Number One minutes

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Agenda Date Requested: F ST FOR CITY COUNCIL AGENDA ITEM Appropriation Requested By: Source of Funds: Department: Account Number: Report: X Resolution: Ordinance: Amount Budgeted: Exhibits: Tax Impact Analysis for Clay Development (prepared by Consultant for Clay Development) Amount Requested: Budgeted Item: YES NO Exhibits: General Information - Forei211 Trade Zones * Policy Statement for Foreign Trade Zone No. 171 * Pearland Economic Development Corp. * The Port of Houston Authority * Port Freeport * List of Foreign Trade Zonestrexas Exhibits: Recent A. rticle!l * Houston Chronicle: Deer Park International Trade Zone Proposed County Challenges Shell Oil's Tax Break Lawsuit Deer Park Council Holds on Trade Zone Plan ~ /11/ 06 ~) ;;If) r1<t SUMMARY & RECOMMENDATION ( A consultant representing Clay Development has asked to speak to Council regarding the possibility of establishing a Foreign Trade Zone. We have provided some general information for Council regarding Foreign Trade Zones. Note that the City has, in the past, issued a letter of support regarding foreign trade zones in our ETJ. They were issued based on the premise that there was no affect on local ad-valorem taxes and on our Industrial District A~re~~ . If Council wishes to consider establishing Foreign Trade Zones we would need to understand the effect of such declaration on other Economic Development Incentives, i.e. o The Industrial District A~eements o The Tax Abatement Guidelines o The Tax Increment Reinvestment Zone Included in that review Council may wish to consider the level of local participation (from 0-100%) which I understand can be set by a separate a~eement. This would still allow companies to benefit from exemption or deferral from Federal duty. Action Reauired bv Counell: Approved for City Councll A2:enda ( Debra B. Feazelle, City Manager Date