HomeMy WebLinkAbout08-3-05 Meeting of the Tax Increment Reinvestment Zone Number One minutes
La Porte Tax Increment Reinvestment Zone Number One,
City of La Porte, Texas
Minutes of the Board Meeting
Held August 3, 2005
1. CALL TO ORDER AND DETERMINATION OF A QUORUM
The Board of Directors of the Tax Increment Reinvestment Zone Number One, City of La Porte, Texas, held a meeting, open
to the public, on the 3rd day of August 2005, and meeting was called to order at 7:34 p.m. in Council Chambers at the City
Hall, 604 West Fairmont Parkway, La Porte, Texas 7751 and the roll was called ofthe duly appointed members of the Board
to wit:
Peggy Antone
Dave Turnquist
Alton Porter
Horace Leopard
Doug Martin
JJ Meza
Molly Helmlinger
Chester Pool
Lin Pfeiffer
Position 1
Position 2
Position 3
Position 4
Position 5
Position 6
Position 7
Position 8
Position 9 - Chairman
and all of the above were present except Director Helrnlinger and Director Pfeiffer, thus constituting a
quorum. Also present at the meeting were John Joerns and David Hawes.
2. CONSIDER APPROVAL OF MINUTES OF THE MEETING HELD APRIL 27, 2005
Upon a motion duly made by Director Turnquist and being seconded by Director Leopard, the board unanimously approved
the minutes of April 27, 2005.
3. CONSENT AGENDA
A. ACKNOWLEDGE APPOINTMENT OF NEW CHAIRPERSON BY THE MAYOR
B. ELECTION OF OFFICERS
C. STAFF REPORTS
. Estimated Expenditures for Fiscal Year 2004-05
. Draft Budget for Fiscal Year 2005-06
. Discuss Proposed Developments
. Discuss next meeting Date
D. BOARD MEMBER COOMMENTS
E. EXECUTIVE SESSION
F. ADJOURNMENT
Upon a motion duly made by Director Martin and being seconded by Director Meza, the board unanimously approved the
removal of agenda items 3.E. from consideration.
Upon a motion duly made by Director Turnquist and being seconded by Director Pool, the board unanimously approved the
consent agenda in the same manner and form as approved in the R development Authority Board Meeting and adjourned at
SIGNED7:~~ ATffiST
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NOTE:
TIRZ Agenda backup provided with
La Porte Redevelopment Authority Agenda
9/13/2005
Calculation of the Amount of Taxes Due the
Tax Increment Reinvestment Zone # 1, La Porte, TX
By the City of La Porte
For the 2004 Tax Year
Data Entry Area:
Enter the Amount of Taxes Billed on Property located in the Zone
Enter the Amount of Billed Taxes which have not been collected
Enter the City's Tax Rate (.71 = .71 Cents per $100)
$58,795.88
$10,226.15
$0.0071
1 Calculation of the Collection Rate for Property in the TIRZ
a Total Taxes Billed on Property Located in the TIRZ
b Less Total Delinquent Taxes on Property Located in the TIRZ
c Equals Total Taxes Collected on Property in the TIRZ
d Divided by the Total Taxes Billed on Property Located in the TIRZ
e Equals the Collection Rate for Taxes in the TIRZ
$58,795.88
$10,226.15
$48,569.73
$58,795.88
82.61 %
'I c, .0:3> %
2 Calculation of the Captured Appraised Value
a Total Taxes Billed on Property Located in the TIRZ
b Divided by the City's Tax Rate
c Equals the Total Appraised Value for the Current Year
d Less the Tax Increment Base (1999) Value
e Equals the Captured Appraised Value
$58,795.88
$0.0071
8,281,110
6,362,980
1,918,130
3 Calculation of the Amount Due the TIRZ by the City
a Captured Appraised Value
b Times City's Tax Rate
c Equals Total Taxes applicable to the Captured Appraised Value
d Times the City's Collection Rate
e Equals the Total Taxes due the TIRZ by the City of La Porte
1,918,130
$0.0071
$13,618.72
82.61% Pf
$11,250.07 ) 0) ~?1. C i
9/13/2005
Calculation of the Amount of Taxes Due the
Tax Increment Reinvestment Zone # 1, La Porte, TX
By the La Porte ISO
For the 2004 Tax Year
Data Entry Area:
Enter the Amount of Taxes Billed on Property located in the Zone
Enter the Amount of Billed Taxes which have not been collected
Enter the ISO's Tax Rate (1.7335 = 1.7335 Cents per $100)
$145,079.28
$25,110.14
$0.017335
1 Calculation of the Collection Rate for Property in the TIRZ
a Total Taxes Billed on Property Located in the TIRZ
b Less Total Delinquent Taxes on Property Located in the TIRZ
c Equals Total Taxes Collected on Property in the TIRZ
d Divided by the Total Taxes Billed on Property Located in the TIRZ
e Equals the Collection Rate for Taxes in the TIRZ
$145,079.28
$25,110.14
$119,969.14
$145,079.28
82.69% 7(,. c,,;
2 Calculation of the Captured Appraised Value
a Total Taxes Billed on Property Located in the TIRZ
b Divided by the ISO's Tax Rate
c Equals the Total Appraised Value for the Current Year
d Less the Tax Increment Base (1999) Value
e Equals the Captured Appraised Value
$145,079.28
$0.017335
8,369,154
6,346,840
2,022,314
3 Calculation of the Amount Due the TIRZ by the ISO
a Captured Appraised Value
b Times ISO's Tax Rate
c Equals Total Taxes applicable to the Captured Appraised Value
d Times the ISO's Collection Rate
e Equals the Total Taxes due the TIRZ by the La Porte ISO
2,022,314
$0.017335
$35,056.81
82.69%
$28,989.22 'd,b)DO't
4 Breakdown of How ISO Taxes are Applied
a Equals the Total Taxes Due the TIRZ by the La Porte ISO
b Divided the Total Tax Rate for ISO
c Equals Taxes due the Tirz per penny of Tax Rate
d Times rate for General TIRZ Projects (.0086 per contract)
e Difference is rate for Education Facilities Projects
$28,989.22
$0.017335
$167.57
$14,410.83
$14,578.39 I'?) 011,?6
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TREASVRER OF HARRI$COUNTV,
Central Disbursement
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1001 'Pr:estbriAvenue
.t-Ioqstori;Texas 77002
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DETACH THIS STATEMENT BEFORE DEPOSITING CHECK
COUNTY OF HARRIS - Central Disbursement
HARRIS COUNTY ADMINISTRATION BUILDING
1001 PRESTON, HOUSTON, TEXAS 77002
No. 02134403
INVOICE
NUMBER
INVOICE
DATE
AMOUNT
COMMENT
111.62005
1/21/05
4,688.00 Tax increment 2004 tax year
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CALL (713) 755-6573 IMTH QUESTIONS REGARDING THIS REMITTANCE
HC.1000 06/03