The URL can be used to link to this page

Home My WebLink About11-30-20 LPRDA/TIRZ Agendas and Agenda Materials Meetings of the Boards of Directors La Porte Redevelopment Authority La PorteTax Increment ReinvestmentZone November 30, 2020 NOTICEOF JOINT MEETING OF LA PORTE REDEVELOPMENT AUTHORITY AND THELA PORTE TAX INCREMENT REINVESTMENT ZONE NOTICE is hereby given of the joint meeting of the La Porte Redevelopment Authority and La Porte Tax Increment Reinvestment Zone to be held -®£ ¸Ǿ .®µ¤¬¡¤± ΒΏǾ ΑΏΑΏǾ at ΕȀΒΏ ¯ȁ¬ȁ via Zoom videoconference at: https://us02web.zoom.us/j/81937393888?pwd=MEQ4RXZ5aHRHR3pPcVo3U29odFZIUT09; or via teleconference at: (346) 248-7799; Meeting ID: ΗΐΘ ΒΖΒΘ ΒΗΗΗ; Password: ΓΗΓΖΔΑ; open to the public, to consider, discuss, and adopt such orders, resolutions or motions, and take direct actions as may be necessary, convenient, or desirable, with respect to the following matters: AGENDA 1.Call to order 2.Approve minutesof the joint La Porte Redevelopment Authority and La Porte Tax Increment Reinvestment Zone meeting held on August 26, 2020. 3.Approve FY2020 Annual Financial Report and Audit from McCall Gibson Swedlund Barfoot PLLC. 4.Receive update from J Morales Inc. regarding M Street Project. 5.Approve developer disbursementsand ISD refund for tax year 2019. 6.Receive and considerAmendedFY2020-2021 Budget. 7.Receive and consider Second Amendment Project Plan and Reinvestment Zone Financing Plan 8.Consider approval or other action regarding authority invoices. 9.Receive updates from the city, developers,and staff aboutdevelopment within the Zone. 10.Board member comments. a.Matters appearing on agenda b.Inquiry of staff regarding specific factual information or existing policy 11.Adjournment. As a result of the current COVID-19 virus epidemic emergency, the convening at one location of a quorum of the Board is difficult or impossible. Therefore, the Board will conduct this meeting by video/telephone conference call rather than by physical quorum pursuant to Texas Government Code Sec. 551.125 and guidance of the Governor of the State of Texas. Members of the public are entitled to participate and address the Board during the video/telephonic meeting. In all respects, this meeting will be open to the public and compliant with applicable law and guidance of the Governor of the State of Texas. An electronic copy of the agenda packet (which consists of the regular reports presented to the Board by its consultants) can be found at: https://www.dropbox.com/sh/8nlagt6fu71n1gc/AACNwo1J_oNk_qDnzMhhoWIOa?dl=0 A possible quorum of City Council members may be present at this meeting and participate in discussions but will take no action. ______________________________ David W. Hawes, Executive Director L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 2.Approve minutesof the joint La Porte Redevelopment Authority and La Porte Tax Increment Reinvestment Zone meeting held onAugust 26, 2020. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 A20 The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, and La Porte Tax Increment Reinvestment Zone, held a regular joint meeting, open to the public, on Wednesday, August 26, 2020, at 6:30 p.m., via videoconference, and the roll was called of the duly appointed members of the Board, to-wit: Peggy Antone, 3¤¢±¤³ ±¸ Position 1 Mark Goodwin Position 6 Barry Beasley Position 2 Vacant Position 7 Alton Porter Position 3 David Janda Position 8 Horace Leopard Position 4 Vacant Position 9 Doug Martin, #§ ¨±¬ Position 5 and all of the above were present, with the exception of Directors Beasley, Leopard and Goodwin, thus constituting a quorum. Also present were David Hawes, Linda Clayton, Naina Magon and Leticia Rodriguez, all with Hawes Hill & Associates, LLP; Jason Weeks and Corby Alexander, City of La Porte; and Javier Morales, J. Morales, Inc. Chairman Martin called the meeting to order at 6:34 p.m. Upon a motion duly made by Director Antone, and being seconded by Director Janda, the Board voted unanimously to approve the Minutes of the April 15, 2020, Board meeting, as presented. 2- Mr. Hawes reviewed the McCall Gibson Swedlund Barfoot PLLC proposal to prepare the Annual Financial Report and Audit for FY2020 and FY2021. He reported the estimated fees to prepare the audit range between $8,250.00 to $9,250.00 for each fiscal year. Upon a motion duly made by Director Janda, and being seconded by Director Porter, the Board voted unanimously to approve the proposal from McCall Gibson Swedlund Barfoot PLLC to prepare the FY2020 and FY2021 annual financial report and audit, as presented. Mr. Morales provided an update on the M Street project. He reported JMI received comments on the 60% plans last week and he anticipates the plans will be complete by the end of the month. No action from the Board was required. Mr. Hawes presented the Developer Disbursements for Tax Year 2019 Values, included in the Board materials. He reported the recommended payments to the developers are (1) 65 La Porte in the amount of $132,577.30; (2) Retreat at Bay Forest LP in the amount of $6,153.00; (3) Beazer Homes Texas LP in the amount of $110,900.82; (4) Senior Associates in the amount of $10,457.39; and (5) Liberty Property Limited Partnership in the amount of $588,693.00. He reported after this payment Liberty Property Ltd. Partnership will be paid in full. Upon a motion duly made by Director Porter, and being seconded by Director Antone, the Board voted unanimously to approve the Developer Disbursements for Tax Year 2019, as presented. - Mr. Hawes presented the proposed FY2020-FY2021 Annual Budget, included in the Board materials. He answered questions regarding the La Porte ISD refund and stated La Porte I.S.D. does the refund calculation and will send us a formal letter. Chairman Martin suggested Director Janda and Mr. Hawes schedule a time to meet with the new School Board Superintendent. Upon a motion duly made by Director Porter, and being seconded by Director Janda, the Board voted unanimously to approve the FY2020-2021 Annual Budget, as presented. port and went over invoices included in the Board materials. Upon a motion duly made by Director Antone, and being seconded by Director Janda, the Board v presented. Mr. Hawes stated everything had been covered in the meeting and he had nothing further to report. No action from the Board was required. M b. Nothing to report. ADJOURN. There being no further business to come before the Board, Chairman Martin adjourned the meeting at 7:01 p.m. _______________________________________________ Ћ ΋ tğŭĻ L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 3.Approve FY2020 Annual Financial Report and Audit from McCall Gibson Swedlund Barfoot PLLC. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants 13100 Wortham Center Drive PO Box 29584 Suite 235 Austin, TX 78755-5126 Houston, Texas 77065-5610 (512) 610-2209 (713) 462-0341 www.mgsbpllc.com Fax (713) 462-2708 E-Mail: mgsb@mgsbpllc.com a component unit of the City of La Porte, Texas, Member of American Institute of Certified Public Accountants Texas Society of Certified Public Accountants Required Supplementary Information Other Information Fund Balance Reporting and Governmental Fund-type Definitions, Nonspendable Restricted Committed Assigned Unassigned L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 4.Receive update from J Morales Inc. regarding M Street Project. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 5.Approve developer disbursementsand ISD refund for tax year 2019. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 581 4 To Due 469,962.6 3,038,280.81,438,494.1 4,946,737.6 Developers Balance $ $$$$$ 2020 3 6,153.0 10,457.39 Payments 225,942.1110,900.8588,693.0 942,146.3 8/26/2020 Total $$$$$$$ 7 0 93,364.83 Payments 1,749,662.2 1,843,027.1 12/04/2020 ISD $ $$ 00 0 ) 2020 County 588,693.0333,158.0 921,851.0 Payments 8/21/2020 S $$$ 1 002 1 VALUE (December 2019 6,153.0 (716,911) 10,457.39 (93,364.83)(93,364.83) Payments 132,577.3110,900.8 2,499,222.7 Payments YEAR 08/21/2020 City $ $$$$$$$$ ISD TAX 2020 (2)(2)(2)(3)2,239,134.2 70000 7 NOVEMBER 6,153.0 9/30/19 480,420.0588,693.0Only Audit 3,264,222.91,549,395.0 5,888,883.9 OnlyOnlyOnlyOnly REIMBURSEMENTS Balance UPDATED $ $$$$$ CityCityCityCityCounty ))))) 000001 00 011 DEVELOPER 816,40 (6,153.00) ) (10,457.39) 224,670.0 (132,577.30(110,900.82(588,693.00(848,781.50 PORTE 7,103,500.02,097,298.01,952,754.06,029,431.8 2,620,712.22,620,712.2 (2,559,938.10 14,844,135.0 25,086,003.0 Agreement 2020 Development LA $$$$$$$$$$$$$$$$$$$ (August TIRZ Balance Remaining Greens) to Greens) Remaining Partnership Partnership allocated and LP Fairmont LP North) t LP Fairmont LP of of Limited amount Limited Texas Forest LakesPayments Texas Forest LLC (Lakes AUP Developers Payments RefundIncremen Bay (Lakes Bay to of GB,Balance at includes Property Homes ISDISD Non Associates Hand at Porte Property Homes Associates (Fairmont Porte AUP Developer Oak on for La La PortePorte NoReserve 65RetreatBeazerSeniorLiberty 65RetreatBeazerSeniorLibertyVistaJabezHawthorne2,019,908.0Reserve TOTALSummary CashPaymentsTotalLaLa Balance Hold Available (2)(3) L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 6.Receive and considerAmendedFY2020-2021 Budget. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 La Porte Redevelopment Authority Tax Increment Reinvestment Zone Number One City of La Porte FY 2020 - 21 Proposed Budget 2019-20 2020-21 Approved2019-20Proposed BudgetEstimatedBudget Revenues: Beginning Fund Balance$ 1,848,0981,833,855$$4,257,068 Estimated TIRZ Revenues City$ 1,834,1341,460,335$$1,889,158 County$715,821$921,851$ 949,507 LPISD3,331,162$ 3,810,140$ 3,924,445$ Interest on TIRZ Funds975$ 975$ 975$ Estimated TIRZ Developer Advances$ -$ -$ - Bayforest Land, Ltd.$ -$ -$ - Lakes of Fairmont Greens$ -$ -$ - Beazer Homes - Expansion Area$ -$ -$ - Senior Associates - Expansion Area$ -$ -$ - Port Crossing$ -$ - Total Revenues$ 8,415,1987,342,148$$11,021,152 TIRZ M&O Expenses: Administration and Project Management$24,000$ 24,000$ 24,000 Legal$ 7,400$ 7,500$ 7,500 Agreed Upon Procedures Reports$ 7,000$ 6,700$ 7,000 Annual Audit$ 8,500$ 8,700$ 8,700 Operating Expenses$ 1,450$ 1,358$ 1,450 Bank Expenses$ 70$ 68$ 70 Planning Services$ -$ -$ 20,000 Total Expenses$48,420$ 48,326$ 68,720 Transfers City Administration$72,775$ 91,707$ 94,000 ISD Refund$274,628$ 716,911$ 716,911 Educational Facilities$ 1,250,2021,249,127$$1,281,457 Total Transfers$ 2,058,8201,596,530$$2,092,368 Capital Improvements M Street80,000$ 1,000,000$ City CIP Trunk Line Project$ -$ -$ - Bayforest Land, Ltd.$ -$ -$ - Beazer Homes Capital Improvements$ -$ -$ - Senior Associates Capital Improvements$ -$ -$ - Port Crossing Capital Improvements$ -$ -$ - TIRZ Developer Reimbursements Lakes of Fairmont Greens$ -$1,254,780$ 225,942 Beazer Homes$113,553$ 110,901$ 110,901 Senior Associates$ 8,877$ 10,457$ 10,457 Retreat at Bay Forest$52,427$ 6,153 Port Crossing$ 588,6933,016,305$ $ 2,050,9843,191,162$$1,347,300 Ending Fund Balance$ 4,257,0682,506,036$$7,512,764 L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 7.Receive and consider Second Amendment Project Plan and Reinvestment Zone Financing Plan L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 REINVESTMENTZONENUMBERONE CITYOFLAPORTE,TEXAS SECONDAMENDED PROJECTPLANANDREINVESTMENTZONEFINANCINGPLAN November16,2020 REINVESTMENTZONENUMBERONE,CITYOFLAPORTE,TEXAS SecondAmendedProjectPlanandReinvestmentZoneFinancingPlan TableofContents Introduction.....................................................................................................................................3 ProjectPlan......................................................................................................................................4 ReinvestmentZoneFinancePlan....................................................................................................5 Exhibit1ZoneRevenues,AllEntities Exhibit2AProjectedValuesandRevenues,CityOriginalZone Exhibit2BProjectedValuesandRevenues,CountyOriginalZone Exhibit2CProjectedValuesandRevenues,ISDOriginalZone Exhibit2DProjectedValuesandRevenue,City2013Annex Map1BoundaryMap Map2AerialViewofPropertyinandsurroundingtheZone Map3ExistingLandUse/PropertyClassificationofPropertyintheZone 2 Introduction TheReinvestmentZoneNumberOne,CityofLaPorte,TexaswascreatedbytheCity CounciloftheCityofLaPorte,Texasin1999byOrdinanceNo.992325.CityCouncil subsequentlyapprovedtheProjectPlanandReinvestmentZoneFinancing.Thepurposeofthe taxincrementreinvestmentzone(theistofinanceconstructionofpublicfacilitiesand infrastructurenecessarytocatalyzecommercialandresidentialdevelopmentandredevelopment withintheZoneboundaries. TheOriginalZonecoveredapproximately1,362acresandwascreatedwiththeintentof encouragingresidential,retailandlighttobusinessindustrialuseswithintheZone.Atthetime, t heexcessivecostsassociatedwithconstructingaregionaldetentionbasinandchannel systemandoversizedsanitarysewerliftstations,forcemainsandgravitycollectionlinesin accordancewiththemasterplanprohibitedthesoundgrowthofthemunicipalityand impededthedevelopmentoftheareasolelythroughprivateinvestment.Aregionalapproach tostormwaterdetentionwasalsonecessaryduetotheinherentinefficienciesinlocalized detentionwhichdecreasedtheamountofusableland,thuslimitingtheamountoftaxable valuewithinthearea. TheZonewascreatedasamechanismtofundexpendituresassociatedwiththedesign, constructionandfinancingofpublicimprovements,aswellasotherspecificprojectrelatedcosts. DevelopershaveadvancedfundsonbehalfoftheTIRZfordesignandconstructionofspecific publicfacilitiesandtobereimbursedthroughadevelopmentreimbursementagreement. th OnFebruary10,2014,byOrdinanceNo.20143509CityCouncilapprovedtheFirstAmended ProjectPlanandFinancePlanwhichexpandedtheZoneboundariestoincludeanadditional33 acresoflandandprovidefortheconstructionofpublicutilitiesandstormwaterdetention facilitiestoaccommodatedevelopmentwithintheexpandedboundaries. SinceinceptionoftheZoneanumberofpublicimprovementshavebeencompletedincluding roadways,drainage,waterandsewerimprovements.Residential,commercialandindustrial developmenthasoccurredandvalueshaveincreasedtoover$338million. TheZoneandtheCitynowproposetheSecondAmendmenttotheProjectPlanandFinancePlan whichextendsthelifeoftheZoneanadditionalfiveyears,allowingtheTIRZtocontinueto accomplishthegoalsforwhichitwasoriginallycreatedandtoallowadequatetimetofundnew projects. ThisdocumentconstitutestheSecondAmendedProjectPlanandReinvestmentZone FinancingPlanasrequiredbyChapter311,TexasTaxCode.ThepurposeoftheTIRZisto facilitatethedevelopment/redevelopmentofresidentialandcommercialpropertiesthrough thefinancingofpublicinfrastructureandimprovements. 3 ProjectPlan A.AuthorizedProjectsandProjectCosts Theamendedandrestatedprojectcostsaredetailedin Table1.Thedollaramountsfor eachcategoryareapproximateandmaybeamendedfromtimetotimebytheBoardof DirectorsoftheZonewithapprovaloftheCityCouncil. Table1EstimatedProjectCosts OriginalProjectPlanFirstAmendmentSecondAmendmentTotalProjectCosts NonEducationalProjects Roadways(AssociatedDrainage) PowellRoad3,000,000$$3,000,000 PowellRoadSouth1,170,000$$1,170,000 McCabeRoad(EastofSH146)2,200,000$$2,200,000 McCabeRoad(WestofSH146)605,000$$605,000 SanJacintoStreet2,400,000$$2,400,000 ParkStreet1,700,000$$1,700,000 BayshoreDrive1,700,000$$1,700,000 SensRoad$1,010,000$1,010,000 BroadwayStreet$1,960,250$1,960,250 FairmontParkwayOverpass$4,250,000$4,250,000 Sidewalks$975,000$975,000 OtherRoadways/Sidewalks$5,000,000.00 RoadwaysTotal$20,970,250$5,000,000.00$25,970,250 UtilityImprovements$ Drainage$4,095,000$4,095,000 Water$450,000$450,000 StormSewer$1,209,000$1,209,000 SanitarySewer$2,700,000$2,700,000 UtilityTotal$8,454,000$1,545,860$5,000,000.00$14,999,860 ConferenceCenter$ PublicParkingFacility$6,500,000$6,500,000 SupportingPublicInfrastructure$975,000$975,000 PublicLandscaping$650,000$650,000 ConferenceCenterTotal$8,125,000$8,125,000 $ OtherProjectCosts$ BufferWalls$1,695,000$1,695,000 W.WeemsInterchange$117,000$117,000 SylvanBeachParkImprovements$10,000,000$10,000,000 ShorelineProtection$1,750,000$1,750,000 ParkFacilityImprovements$750,000$750,000 EntranceImprovements$500,000$500,000 FinancingCosts49,174,000$$49,174,000 ZoneCreation75,000$$75,000 ZoneAdministration(30yearlife)324,000$$324,000 OtherProjectsTotal54,385,000$$192,989$10,000,000.00$64,577,989 EducationProjects35,150,000$$35,150,000 TotalProjectCosts127,084,250$$1,738,849$20,000,000.00$148,823,099 4 B.ExistingandProposedUsesofLand(TexasTaxCode§311.011(b)(1)): TaxIncrementReinvestmentZoneNumberOne,CityofLaPorteconsistsof propertygenerallylocatedalongtheeastandwestsideofStateHighway146southof FairmontParkway.TheZonealsoincludespropertynearSylvanBeachPark.Exist inguses withintheZoneconsistsofvacant/undeveloped,residential,commercial,andlight industrialuses.Surroundinglandusesinclude Maps2&3 showexistingusesand conditionswithintheZone.Proposedusesincluderesidential,commercial,industrialand undevelopedlanduses. C.ProposedChangesofZoningOrdinances,MasterPlanofMunicipality,BuildingCodes, andOtherMunicipalOrdinances(TexasTaxCode§311.011(b)(2)): Allconstructionwillbedoneinconformancewithexistingbuildingcoderegulationsof theCityofLaPorte.Therearenoproposedchangesofanycitydevelopmentordinances, masterplans,orbuildingcodes. D.EstimatedNonProjectCosts(TexasTaxCode§311.011(b)(3)): Theprojectcostsreferencedin Table1 areinclusiveofprojectcoststobeincurredbythe Zoneonly.Thecoststhatwouldotherwisebeprojectcostsbutarederivedfromother parties,suchastheCityofLaPorte,theTexasDepartmentofTransportationorprivate sources,arenonprojectcosts.Fundingidentifiedin Table1 forimprovementswillbe leveragedtoacquirenonprojectfunding. E.MethodofRelocatingPersonstobeDisplaced,ifany,asaresultofimplementingthe Plan(TexasTaxCode§311.011(b)(4)): Therewillbenopersonsdisplacedasaresultofimplementingtheplan. ReinvestmentZoneFinancePlan A.EstimatedProjectCosts(TexasTaxCode§311.011(c)(1)): Table1 liststheestimatedprojectcostsfortheZone.AssetforthinthisPlan,thedollar amountsareapproximateandmaybeamendedfromtimetotimebytheBoardof DirectorsoftheZonewithapprovaloftheCityCouncil.Thefinancingcostsareafunction ofprojectfinancingneedsandwillvarywithmarketconditionsfromtheestimatesshown in Table1. B.ProposedKind,Number,andLocationofallProposedPublicWorksorPublic ImprovementstobeFinancedbytheZone(TexasTaxCode§311.011(c)(2)): ThesedetailsaredescribedthroughoutthePlan,includingbutnotlimitedtoroadway construction/reconstruction,stormwaterconveyanceandmanagementsystems,water andwastewaterimprovementsandparksandrecreationfacilities.Thenumberand locationofproposedimprovementsarecontainedin Table1. C.EconomicFeasibility(TexasTaxCode§311.011(c)(3)): Theoriginalplanpreparedin1999evaluatedtheeconomicpotentialoftheZone.The analysisdeterminedthattheareawithintheboundariesoftheZonesubstantiallyarrests andimpairsgrowthoftheCity,slowsdowntheprovisionofhousingaccommodationsand commercialdevelopmentandconstitutesaneconomicandsocialliability.Atthetimeof 5 creation,theareaincludedintheTIRZwaspredominatelyopenandconsistedofproperty withdefectivetitlesanddelinquenttaxes.Theseconditionsalongwiththeenormous costofinfrastructureimprovementsincludingdrainageandsewer,impededthesound growthanddevelopmentofthearea.Asaresultitwasdeterminedthattheareawould ementReinvestmentZone,whichfacilitatesinfrastructure benefitfromaTaxIncr improvementsandprojects.Theseimprovementswouldfacilitateresidentialand commercialdevelopmentinthearea. Exhibit1 constitutesincrementalrevenueestimatesforthisPlan.Theincremental revenueestimatesareprojectedtobesufficienttocoverthecostofproposed improvements.TheZoneandtheCityfindanddeterminethatthePlaniseconomically feasible. D.EstimatedAmountofBondIndebtedness;EstimatedTimeWhenRelatedCostsor MonetaryObligationsIncurred(TexasTaxCode§311.011(c)(4),§311.011(c)(5)): IssuanceofnotesandbondsbytheZonemayoccurastaxincrementrevenuesallow.The valueandtimingoftheissuanceofnotesorbondswillcorrelatetodebtcapacityas derivedfromtheprojectsandrevenueschedulesincludedin Table1 and Exhibit1,as wellasactualmarketconditionsfortheissueandsaleofsuchnotesandbonds. E.MethodsandSourcesofFinancingProjectCostsandPercentageofIncrementfrom TaxingUnitsAnticipatedtoContributeTaxIncrementtotheZone(TexasTaxCode§ 311.011(c)(6)): Methodsandsourcesoffinancingincludetheissuanceofnotesandbonds,developer advances,aswellascollaborationwiththecity,andotherentitiesforgrantfundingand partnerships.TaxincrementwillconsistofcontributionsfromtheCity,CountyandLa PorteIndependentSchoolDistrict.Thetaxingentitiesparticipateatthefollowingrates: CityofLaPorte 100%ofitstaxrate HarrisCounty 75%ofitstaxrate LaPorteISD 100%ofitstaxrate,$0.86/100oftheISDtaxrategoestowardsTIRZprojectswith theremaindergoingtowardseducationalfacilities *LaPorteISDwillnotparticipateintheextensionofthelifeoftheZone. F.CurrentTotalAppraisedValueofTaxableRealProperty(TexasTaxCode§ 311.011(c)(7)): ThecurrentCitytaxableappraisedvalueoftaxablerealpropertyintheZoneis$356.3 million. G.EstimatedCapturedAppraisedValueofZoneDuringEachYearofExistence(TexasTax Code§311.011(c)(8)): TheestimatedcapturedappraisedvalueoftheZoneduringeachremainingyearof existenceiscontainedin Exhibit1. 6 H.ZoneDuration(TexasTaxCode§311.011(c)(9)): TheZonewasestablishedbytheCityin1999andwillterminateonDecember31,2034. LaPorteparticipationintheZonewillendonDecember31,2029.TheZonemay terminateatanearliertimedesignatedbysubsequentordinance,oratsuchtim e, subsequenttotheissuanceofproposedrevenuebonds,notesorotherobligations,ifany, thatallprojectcosts,bonds,andinterestonbondshavebeenpaidinfull. 7 Entities All 1 Revenues, Exhibit Zone Projected Zone Original City 2A Revenues, Exhibit and Values Projected Zone Original County, 2B Exhibit Revenues and Values Projected Zone Original ISD 2C Revenues Exhibit and Values Projected Annex 2013 City 2D Revenue, Exhibit and Values Projected Map1 ZoneBoundary Map2 ZoneBoundaryAerialView Map3 ZoneBoundaryPropertyClassification L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 8.Consider approval or other action regarding authority invoices. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 9.Receive updates from the city, developers,and staff aboutdevelopment within the Zone. L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314 L A P ORTE R EDEVELOPMENT A UTHORITY, C ITY OF L A P ORTE,T EXAS A GENDA M EMORANDUM TO:La Porte Redevelopment Authority Board of Directors FROM:Executive Director SUBJECT:Agenda Item Materials 10.B OARD MEMBER COMMENTS. a.M ATTERS APPEARING ON AGENDA b.Inquiry of staff regarding specific factual information or existing policy L A P ORTE R EDEVELOPMENT A UTHORITY c/o Hawes Hill & Associates LLP P.O. Box 22167 Houston TX 77227-2167 713-595-1200 or FAX 281-888-6314