Hold a Public Hearing on a parcel of land located in the industrial complex for the creation of a Tax Reinvestment Zone, so that certain future incentives could be provided in that area.

This Tax Reinvestment Zone (to be called Texas City Gulf Coast Reinvestment Zone 1) will be in the Industrial Complex near the docks.  This will allow us to offer certain incentives such as tax abatements, etc. that require to be offered only to companies locating within a tax reinvestment zone.  This land is prime industrial land that has no facilities on it and has potential for a new company to come in and lease or buy the within the zone.  We would hope to create other zones in similar situations in order to offer tax abatements, etc. to entice or solidify a company choosing to locate within Texas City.  See the agenda item below on the ordinance creating the Tax Reinvestment Zone for more details about the zone.