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Meeting Date:	12/13/2021
Participation Agreement in City of Laredo TIRZ #2 (Coves)
Submitted for:	Nathan Bratton	Submitted By:	Nathan Bratton
Department:	Civil Legal Division

Subject:

Discussion and possible action to enter into Participation Agreement for the City of Laredo Tax Increment Reinvestment Zone #2 (TIRZ Number 2) to contribute forty percent (40%) of the County ad valorem tax increment attributable to the property in the zone, said sum being approximately Twenty-Six Million Four Hundred Eighty-Six Thousand Four Hundred Ninety-Six Dollars ($26,486,496.00), to be used within the zone to fund public improvements within the zone (Killam Coves), including One Million Dollars ($1,000,000.00) to reimburse Webb County for a public work project for assembly, public health, public safety and emergency shelter outside the zone and any matters incident thereto; authorizing the County Judge to sign all relevant documents. [Requested by the Webb County Commissioners Court]

Background:

The Commissioners Court on June 14, 2021 appointed a representative to the TIRZ Board and authorized the negotiation of a participation agreement.

Previous Court Action:

Fiscal Impact

Budget Account Number:	unkn
Funding Source:	unkn
Balance:	unkn
Financial Impact:
40% of the ad valorem tax increment from the City of Laredd tax increment reinvestment zone #2 shall be paid into the City's TIRZ #2 fund.