HomeMy WebLinkAboutR-2005-01 Intention to Issue Certificates of Obligation
REQUEST FOR CITY COUNCIL AGENDA ITEM
Agenda Date Requested:
Budl!et
Requested By:
Source of Funds: N/A
Department:
Account Number:
Report:
Resolution: X Ordinance:
Amount Budgeted:
Exhibits:
Resolution 2005-XXXX
Amount Requested:
Exhibits:
Budgeted Item: YES NO
Exhibits
SUMMARY & RECOMMENDATION
The Texas Tax Code (Chapter 312) requires that cities, electing to participate in tax abatements,
first adopt a resolution indicating intent to participate in tax abatements. The resolution does not
bind the City to grant any proposed abatements. The Resolution's key findings are:
./ The creation and retention of job opportunities that bring new wealth is the highest civic
priority.
./ New jobs and investment will benefit the area economy, provide needed opportunities,
strengthen the real estate market and generate tax revenue to support local services.
./ The communities within Harris County must compete with other localities across the
nation currently offering tax inducements to attract jobs and investments.
./ The abatement of property taxes, when offered to attract primary jobs in industries which
bring in money from outside a community instead of merely re-circulating dollars within
a community, has been shown to be an effective method of enhancing and diversifying an
area's economy.
./ Texas law requires any eligible taxing jurisdiction to establish Guidelines and Criteria as
to eligibility for tax abatement agreements prior to granting any tax abatement, said
Guidelines and Criteria to be unchanged for a two year period unless amended by a three-
quarters vote.
./ The City of La Porte elects to become eligible to participate in tax abatement.
Also, as a matter of housekeeping this resolution will formally repeal Resolution 89-19, which
adopted model guidelines and criteria that have expired (and were later superceded by Ordinance
98-2279, which have also expired as they are only good for two years).
Action Reauired bv Council:
Approve Resolution 2005-121- electing to become eligible to participate in tax abatement.
Approved for City Council A2enda
~~~
Debra/r Feazelle, City Manag
J-I ~-(j~
Date
RESOLUTION NO. 2005-~
A RESOLUTION STATING THAT THE CITY OF LA PORTE ELECTS TO
BECOME ELIGIBLE TO PARTICIPATE IN TAX ABATEMENT; FINDING
COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN
EFFECTIVE DATE HEREOF.
Whereas, the creation and retention of job opportunities that bring new wealth is
the highest civic priority; and
Whereas, new jobs and investment will benefit the area economy, provide needed
opportunities, strengthen the real estate market and generate tax revenue to support local
services; and
Whereas, the communities within Harris County must compete with other
localities across the nation currently offering tax inducements to attract jobs and
investments; and
Whereas, the abatement of property taxes, when offered to attract primary jobs in
industries which bring in money from outside a community instead of merely re-
circulating dollars within a community, has been shown to be an effective method of
enhancing and diversifying an area's economy; and
Whereas, Texas law requires any eligible taxing jurisdiction to establish
Guidelines and Criteria as to eligibility for tax abatement agreements prior to granting
any tax abatement, said Guidelines and Criteria to be unchanged for a two year period
unless amended by a three-quarters vote; and
Whereas, the City of La Porte elects to become eligible to participate in tax
abatement;
Now, therefore be it resolved by the City Council of the City of La Porte:
Sectionl. The City Council of the City of La Porte establishes its intent to
participate in tax abatement according to procedures established by Chapter 312 of the
Texas Property Code titled: Property Redevelopment and Tax Abatement Act.
Section 2. The City Council of the City of La Porte hereby directs staff to review
its established Guidelines and Criteria Governing Tax Abatement Agreements (Code of
Ordinances, Sec. 66-140 through 66-152) and prepare for City Council's consideration,
any amendments or modifications that would provide substantially similar levels and
terms of abatement currently offered by Harris County.
Section 3. Resolution No. 89-19 is hereby expressly repealed.
Section 4. 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 City of La
Porte, Texas for the time required by law at all times during which this resolution 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 5. This Resolution shall be in effect from and after its passage and
approval.
PASSED AND APPROVED this the 24th day of January, 2005.
CITY OF LA PORTE
By: (2~L,~
Alton E. Porter, Mayor
ATTEST:
!1fJIlYltt{/jJJi
Martha Gillett, Ity Secretary
APlZw ~
Knox W. Askins, City Attorney