HomeMy WebLinkAboutOrd. 1998-2296 - to consider TIRZ #1 with TXI
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ORDINANCE NO. 98~296
OR\G\NAL
AN ORDINANCE APPROVING AND AUTHORIZING AN AGREEMENT BETWEEN THE
CITY OF LA PORTE AND TXI, FOR THE CITY OF LA PORTEIS CONSIDERATION
OF A TAX INCREMENT REINVESTMENT ZONE; MAKING VARIOUS FINDINGS AND
PROVISIONS RELATING TO THE SUBJECT; FINDING COMPLIANCE WITH THE
OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
section 1. The City Council hereby approves and authorizes
the contract, agreement, or other undertaking described in the
title of this ordinance, in substantially the form as shown in the
document which is attached hereto and incorporated herein by this
reference. The City Manager is hereby authorized to execute such
document and all related documents on behalf of the City of La
Porte. The City Secretary is hereby authorized to attest to all
such signatures and to affix the seal of the City to all such
documents.
section 2.
The City Council officially finds, determines,
recites, and declares that a sufficient written notice of the date,
hour, place and subject of this meeting of the City Council was
posted at a place convenient to the public at the City Hall of the
ci ty for the time required by law preceding this meeting, as
required by the Open Meetings Law, Chapter 551, Texas Government
Code; and that this meeting has been open to the public as required
by law at all times during which this ordinance and the subject
matter thereof has been discussed, considered and formally acted
upon.
The City Council further ratifies, approves and confirms
such written notice and the contents and posting thereof.
section 3. This Ordinance shall be effective from and after
its passage and approval, and it is so ordered.
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ORDINANCE NO. 98- 2296
PASSED AND APPROVED, this 9th day of November, 1998.
CITY OF LA PORTE
BY:~h ~~~
orman tf. Ma 1 ne
Mayor
ATTEST:
~~Q, ~~1Jl
Ma ha A. Gillett
City Secretary
APPR().VED: .'
L~iP/~~
Knox W. Askins
City Attorney
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134' West M".:::irghirc Lilli" . 02llla5, T.~~..5 75247.972.647.6700. -w.t>ti.com
October 26. 1998
CKTY ~1At~AGER
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lVIr. Rol'ert T. HeIf\~ra
City of La Porte, Texas
r,o. Bux 1115
ta Porte, TX 77572-11 is
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Dear Mr. Herrer.\:
Thank yon for llleeting wilh m~ last week regarding th~ City of La Pone's c.:ln:;id~ralion
of a TIRZ. TXI is cOllUllined to this project and bdieves the TTRZ can be 3 win-win
opportunity for the community and lXl.
TXl is 'willing to contribute $40.000 towards all dire~"1 Ol.ll-l)f-pock"t costs associated
with this proposal im:urred by the City ill the evaluation of this project.
1 . If the llRZ is created unJr::r tcmllS and conditions agreed to by TXl, the City
agrees that the $40.000 will be reimhursed to T:\.l by th~ TlRZ D'I..'11l the 1irst b,)nd
proceeds, or othcrv..ise from TJRZ revenllt"s.
2. Tf lht! TIRZ i$ nl"lt created unJ~r lem1S and conditi\)l1s agreed to by TXI. then the
City will hOlve no oblig,nion to rdmbul"se IXI !l)r any funds C'xpcnd~d by the
City. Ho",,'cvc:r. the City. '....hhin thirty (30) days an.:r rcco.:ipt "f~Tittea request by
TXT, shall proviLf~ a full accountin~ of all funds expended. aiong wiLh all n:cdpts
anu n rduud of :111 remaining funds.
3. All rcpolis cre~ted ~h.Jll be dune tor rhe joint bel1dit of:
a. the: Cily.
b. the:: S~hotJl Disrrict,
c. the:: Cc.'wuy.
J. the \Vater District,
c. TXl, and
f. TXT':; aniliates, a:53ig.nccs!designees.
Fach :ih~lIl h.)\'1.: ("qual access. at its 0\\11 Cl,)~t ~i.nd CXpCllSC to the information,
4, TXl shAlli have the right tv review and approve the rmvidcr anJ rh~ scope of the
proposcu economic impa.ct study,
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Mr. Robert T. Herrera
Ocrobl.:r 26. 199t-;
Page 2
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5. "lohe proposed funds shall b" available for the use of the City until such time as the::
Cit)' adopts an ordimm~e creating the TIRZ. at whidl time allY l.lucolIlJuittcd
funds shi.ul be relurned lo TXL
In addition to the tor~soi.ng_ the City and TXl agree that all ilirect and O\.lt-llf:'pockd cusl$
of crearing the TIRZ incurred by all taxing entities and TXU after October 1 t1999 sh.:1.11
be reimbursed b). the TIRZ from The first bond proceeds, or otherwise from TI~
reve-nues.
If you arc in agreement v,"ith the tcmlS set forth herein. pkase acknowledge below.
Dauiel J. :McAuliffe, CCIM
Vice President - ~farketins. Re:ll E~3.tc
DJM/jo
ACKNO\VLEDGED .~"lD AGREED lTPON:
CITY OF LA PORTE. TEXAS
G<~ T. ~
Robert T. Herrera. City i\.-bni.tg("f
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@ em Of LA PliRTE 23-DCT-, 400322 600322
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102. 23-11CT-98 LA PORTE PRIIPERTY 40000.00 .00 .00 .00 4IIIIOC
40000.00
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40000
8 FIRST CHICAGO DATE CHECK NUMBER ~
ORIIOOII.UII cmrPIIRATmf The First NlIlIanal Bank 01 C11lcego 719
1341 JlIIIJCXDICBlRD LAIIE 23-OCr -98 600322
070011
DALLAS, TIC . .:
75247 JIlOOI4OO00. 00
PAY
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TO
THE
ORDER
OF
CITY IF LA PORTE
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