R-2023-08 (3) - Laserfiche WebLink

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RESOLUTION No. 2023-08 WHEREAS,the City of La Porte,Texas(City)has previously passed Ordinance No.2021-3817 electing to participate in the Texas Enterprise Zone Program,and the local incentives offered under this resolution are the same on this date as were outlined in Ordinance No.2021-3817; WHEREAS, the Office of the Governor Economic Development and Tourism (EDC) through the Economic Development Bank (Bank) will consider Equistar Chemicals, LP as an enterprise project pursuant to a nomination and an application made by the City; WHEREAS, the City desires to pursue the creation of the proper economic and social environment in order to induce the investment of private resources in productive business enterprises located in the City and to provide employment to residents of enterprise zones and to other economically disadvantaged individuals; WHEREAS, pursuant to Chapter 2303, Subchapter F of the Texas Enterprise Zone Act, Texas Government Code (the "Act"), Equistar Chemicals, LP has applied to the City for designation as an enterprise project; WHEREAS, the City finds that Equistar Chemicals, LP meets the criteria for designation as an enterprise project under Chapter 2303, Subchapter F of the Act on the following grounds: 1. Equistar Chemicals, LP is a "qualified business" under Section 2303.402 of the Act since it will be engaged in the active conduct of a trade or business at a qualified business site not located in an enterprise zone and at least thirty-five percent(35.0%) of the business'new employees will be residents of an enterprise zone or economically disadvantaged individuals;and 2. There has been and will continue to be a high level of cooperation between public, private, and neighborhood entities within the area; and 3. The designation of Equistar Chemicals,LP as an enterprise project will contribute significantly to the achievement of the plans of the City for development and revitalization of the area. WHEREAS, the City finds that Equistar Chemicals, LP meets the criteria for tax relief and other incentives adopted by the City and nominates Equistar Chemicals, LP for enterprise project status on the grounds that it will be located at the qualified business site, will create a higher level of employment, economic activity and stability; and WHEREAS, the City finds that it is in the best interest of the City to nominate Equistar Chemicals, LP as an enterprise project pursuant to the Act; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: That the findings of the City and its actions approving this resolution taken at the council meeting are hereby approved and adopted. BE IT FURTHER RESOLVED that Equistar Chemicals, LP is a "qualified business", as defined in Section 2303.402 of the Act, and meets the criteria for designation as an enterprise project, as set forth in Section 2303, Subchapter F of the Act. BE IT FURTHER RESOLVED that the enterprise project shall take effect on the date of designation of the enterprise project by the agency and terminate on September 1,2028.