Consider adoption of the ordinance creating Texas City Gulf Coast Tax Reinvestment Zone No. 1 and making certain findings of fact.

As described in the Public Hearing, this ordinance would create a Tax Reinvestment Zone after City Commission has made certain findings that the property is eligible and suitable for a Tax Reinvestment Zone in accordance with Section 312.201 of the Texas Tax Code.  The city staff notified all of the appropriate taxing entities and published notice in the Galveston Daily News.  The property is located within the Industrial Complex and prime for development.  The incentives that could be offered, primarily tax abatements, would be beneficial to attract an industry that would ultimately create jobs and provide additional property tax and possibly sales tax.  See the ordinance attached for more details and description of land.