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    7. f.    
BAYTOWN CITY COUNCIL MEETING
Meeting Date: 07/22/2021  
Subject:    Industrial District Agreement with Fromus LLC
Prepared for: Victor Brownlees Prepared by: Karen Horner, Legal
Department: Finance  

Information
ITEM
Consider an ordinance authorizing an Industrial District Agreement with Fromus LLC.
PREFACE
This proposed ordinance authorizes an Industrial District Agreement with Fromus LLC, for tax years 2021 through 2027, with the following base values:
 
Year Base Value
2021 $8,517,300
2022 $8,517,300
2023 $8,517,300
2024 $8,517,300
2025 $8,517,300
2026 $8,517,300
2027 $8,517,300

Plus, one-half of the value of the personal property and inventory stored or held at the site which is not owned by Fromus, as assessed each year by the Chambers County Appraisal District.
 
The first payment pursuant to this agreement will be for the tax year 2021 based upon a yearly payment rate of .66.  Additionally, the following added value component is included, which will capture incremental increases in value of Fromus's property over the term of the agreement:
 
Year Added Value Industrial District Payment Rate
2021 .00
2022 .00
2023 .25
2024 .35
2025 .45
2026 .55
2027 .66

Fiscal Impact
Fiscal Year:
Acct Code:
Source of Funds (Operating/Capital/Bonds):
Funds Budgeted Y/N:
Amount Needed:
Fiscal Impact (Additional Information):
There is no fiscal impact associated with this item.
Attachments
Ordinance - Fromus Industrial District Agreement
Exhibit A - Industrial District Agreement
Indebtedness Certification

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