Ord 2024-4035_Expansion of TIRZ 1

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Ordinance No. 2025-4035 AN ORDINANCE APPROVING THE FOURTH AMENDMENT TO THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, AND EXPANDING THE BOUNDARIES OF THE ZONE FOR REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, BY 323 ACRES, TO INCLUDE PROJECTS AND PROPERTIES THAT SUPPORT REDEVELOPMENT; AUTHORIZING IMPLEMENTATION OF SUCH PLANS AND AUTHORIZING THE CITY SECRETARY TO DISTRIBUTE SUCH PLANS; CONTAINING FINDINGS AND PROVISIONS RELATED TO THE FOREGOING SUBJECT; PROVIDING FOR SEVERABH.ITY; CONTAINING AN OPEN MEETINGS CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of La Porte ("City") pursuant to the provisions of Chapter 311, Texas Tax Code, and Ordinance 99-2325, created Reinvestment Zone Number One, City of La Porte, Texas, (the "Zone"); and WHEREAS, the Board of Directors of the Zone has adopted and recommended, and the City has approved, the Project Plan and Reinvestment Zone Financing Plan (the 'Plan') for the Zone; and WHEREAS, the Board of Directors of the Zone has adopted and recommended, and the City has approved the First Amendment to the Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number One that reflects the enlargement of the Zone Boundaries, and WHEREAS, in the said Ordinance 99-2325, the effective date specified for the Zone was January 1, 2000, and the termination date specified for the Zone was December 31, 2029, establishing a 30-year duration; and WHEREAS, the Board of Directors of the Zone has adopted and recommended, and in Ordinance 2021-3825 the City has approved the Second Amendment to the Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number One that authorized the extension of the duration of the Zone to December 31, 2035, establishing a 35-year duration; and WHEREAS, the Board of Directors of the Zone has adopted and recommended, and in Ordinance 2022-3899 the City has approved the Third Amendment to the Project Plan and Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number One that authorized the expansion of the boundaries of the Zone by 3.7 acres to include the proposed Sylvan Beach Enclave Development; and WHEREAS, at its November 14, 2024, board meeting, the Board of Directors of the Zone considered and adopted the Fourth Amendment to the Plan that expands the boundaries of the Zone by 323 acres ("Expanded Area"), to include projects and properties that support redevelopment ("Fourth Amendment"), and has recommended the Fourth Amendment for approval by the City; and