Ordinance No. 10,923ORDINANCE NO. 10,923
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, APPROVING THE RESTATED AND FIRST AMENDED PROJECT
PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR
REINVESTMENT ZONE NUMBER ONE, CITY OF BAYTOWN;
AUTHORIZING THE CITY CLERK TO DISTRIBUTE SUCH PLANS;
CONTAINING VARIOUS PROVISIONS RELATED TO THE FOREGOING
SUBJECT; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the City Council of the City of Baytown passed Ordinance 9197 on
August 9, 2001, which created Reinvestment Zone Number One, City of Baytown for the
purposes of enhancing the value of all the taxable real property within the boundaries of the
Zone, including the San Jacinto Mall area; and
WHEREAS, the City Council of the City of Baytown passed Ordinance No. 9275 on
November 20, 2001, which enlarged Reinvestment Zone Number One, City of Baytown for the
purpose of encouraging residential development within the San Jacinto Mall area; and
WHEREAS, the City Council of the City of Baytown passed Ordinance No. 9290 on
December 13, 2001, which approved the Project Plan and Reinvestment Zone Financing Plan;
and
WHEREAS, the City Council of the City of Baytown passed Ordinance No. 9708 on
January 22, 2004, which enlarged Reinvestment Zone Number One, City of Baytown for the
purpose adding approximately 45 acres adjacent to John Martin Road in order to encourage
residential development; and
WHEREAS, with Harris County's recent agreement to participate in the Reinvestment
Zone Number One, City of Baytown, the removal of mall project costs and addition of the John
Martin project, it is necessary to update and amend the Zone Project Plan and Financing Plan
(the "Plan"); and
WHEREAS, the Plan has been amended to reflect the current and proposed boundaries
and projects of the Zone; and
WHEREAS, the Redevelopment Authority Board and the Board of Reinvestment Zone
Number One, City of Baytown approved the amended Plan; and
WHEREAS, Harris County Commissioners Court is schedule to approve the amended
Plan on July 22, 2008; and
WHEREAS, before the City Council and the Board of Directors of the Zone may
implement the amended Plan, the City Council must approve the amended Plan and determine
whether the amended Plan is feasible and in conformance with the City's master plans; and
WHEREAS, the City Council of the City of Baylown. Texas, has reviewed the amended
Plan and finds that such plan is feasible and in conformance with the City's master plan; NOW,
THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: That the findings contained in the preamble of this Ordinance are declared
to be true and correct and are hereby adopted as part of this Ordinance.
Section 2: That the City Council of the City of Baytown hereby approves the
Restated and First Amended Project Plan and Reinvestment Zone Financing Plan for
Reinvestment Zone Number One, City of Baytown. Said Restated and First Amended Project
Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One, City of
Baytown is attached as Exhibit "A" and incorporated herein by this reference for all intents and
purposes.
Section 3: This ordinance shall take effect immediately from and after its passage by
the City Council of the City of Baytown.
INTRODUCED, READ and PASSED by the affirmative vote o^the City Council of the
City of Baytown this the 24* day of July, 2008.
S'JEPHErTH. DONCARLOS, Mdyor
ATTEST:
KAYTWIE DARNELL, City Clerk
APPROVED AS TO FORM:
ACIO RAMIREZ, SR.,Oty Attorney
\cobsrvl\Legal\Knren\l;ilcs\City Council\Ordiiuinccs\200H\July 24\Rcinvcsimo!ilZoncOneProjecllJinanccPlan-doc
Exhibit "A"
AYTOWN!
TAX INCREMENT REINVESTMENT ZONE, NUMBER ONE
CITYOFBAYTOWN
June 12, 2008
RESTATED AND FIRST AMENDED PROJECT PLAN AND
REINVESTMENT ZONE
FINANCING PLAN
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 1
Hawes Hill Calderon, LLP
June 12,2008
TABLE OF CONTENTS
Page
PROJECT PLAN
4
I. Existing uses and conditions of real property within the area of the proposed Zone
II. Proposed changes in zoning ordinance, master plan of the municipality, building codes 7
and other municipal ordinances
III. List of estimated non-project cost items 7
REINVESTMENT ZONE FINANCING PLAN
I. A detailed list describing the estimated projects of the Zone, including administrative 9
expenses and A statement listing the kind, number and location of all proposed public
works or public improvements in the Zone
II. The estimated amount of bonded indebtedness to be incurred 11
III. The time when related costs or monetary obligations are to be incurred 11
IV. A description of the methods of financing all estimated project costs and the expected 11
sources of revenue to finance or pay project costs, including the percentage of tax
increment to be derived from the property taxes of each taxing unit that levies taxes on
real property in the Zone
V. The current total appraised value of taxable real property in the Zone 12
VI. The estimated captured appraised value of the Zone during each year of its existence 12
VII. Duration of the Zone 12
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RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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TABLES PAGE
A.
B.
C.
D.
E.
F.
G.
San Jacinto Mall In-Line Permanent Historical Occupancy
San Jacinto Mall In-Line Permanent Real Estate Tax Value (in Millions)
Estimated Non-Project Cost -Residential Development
Estimated Project Costs -Residential Development
Estimated Project Costs -Commercial Development
Estimated Project Costs -John Martin Reconstruction
Increment Dedicated to the Zone
5
6
7
9
10
10
12
MAPS
A.
B.
C.
D.
TIRZ Boundary Map and Map of Existing Uses & Conditions Appendix A
Eastpoint -Proposed Land Use Development Map Appendix A
Gulf Equities -Proposed Land Use Development Map Appendix A
Riverside -Proposed Land Use Development Map Appendix A
SCHEDULES
A. Residential Build-Out Schedule
B. Commercial Build-Out Schedule
C. Financial/Bond Schedule
Appendix B
Appendix B
Appendix B
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 4
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TAX INCREMENT REINVESTMENT ZONE NUMBER ONE,
CITY OF BAYTOWN
PROJECT PLAN
I. Existing uses and conditions of real property within the area of the
Zone
The Tax Increment Reinvestment Zone Number One, City of Baytown ("Zone") consists
of property located within the Baytown city limits ("City") in the general vicinity of the
intersection of Interstate 10 and Garth Road. The Zone boundary does not include
property located outside the city limits. The area within the boundaries of the
Reinvestment Zone includes the San Jacinto Mall, surrounding vacant property and the
Eastpoint, Country Club Manor and proposed Riverside subdivisions. The Zone totals
585 acres of land lying in the G. C. Davis and the T. Patching Survey.
Existing Conditions: Conclusions in Relation to Chapter 311, Section 005
The area around San Jacinto Mall located within the boundaries of the proposed TIRZ
substantially arrests and impairs the sound growth of the City of Baytown, retards the
provision of housing accommodations and constitutes an economic and social liability in
its current condition.
Map A demonstrates that the area suffers from a predominance of:
1. Lack of roadway infrastructure, including major thoroughfares and connections
2. Lack of water, sanitary sewer, and drainage infrastructure
3. Defective or inadequate sidewalk and street layout
4. Faulty lot layout in relation to size, adequacy, accessibility or usefulness
5. The deterioration of site and other improvements
6. Major utility easements which deter the capacity for commercial development
expansion
7. Economic disinvestments
8. Poor regional image
Also, Map A displays the boundaries of the Zone. It clearly shows the predominately
open land that, because of obsolete platting and other factors, substantially arrests and
impairs the sound growth of the City. The need is to create a Zone large enough to
provide the stimulus necessary to reposition the existing retail center (mall), provide for
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan S
Hawes Hill Calderon, LLP
June 12, 2008
the reconstruction of John Martin Boulevard, and to encourage new commercial and
residential development both within and outside the proposed TIRZ boundaries.
San Jadnto Mall In-Line Permanent Historical Occupancy
The following graph shows the gradual decline in occupancy rates for small shops
located within the San Jacinto Mall. The mall is physically outdated and has a weak
tenant mix, with only a small percentage of mall space leased to national brand tenants.
A majority of the shops are occupied with small "mom and pop" operations, which pay
below-market-rate rents and provide little revenue to the sales tax base.
TABLE A
SAN JACINTO MALL IN-LINE PERMANENT fflSTORICAL OCCUPANCY
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
Hawes Hill Calderon, LLP
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San Jacinto Mall In-Line Permanent Real Estate Tax Value (in Millions)
Property value trends declined approximately 73% from $45.5 million in 1991 to $12.1
million in 2001. In the mid 1990's, a strong economy fueled by population and
employment growth, stimulated market demand for commercial and residential properties
in the Houston area, temporarily reversing an overall downward valuation trend. Since
that time, however, the area within the TIRZ has not fared well. The most recent tax
appraisal data for 2001 show a stark difference between metropolitan Houston and the
TIRZ area. This trend can be expected to persist as the physical plant continues to age
and will not benefit from an infusion of public infrastructure or significant private
investment.
TABLE B
SAN JACINTO MALL IN-LINE PERMANENT REAL ESTATE TAX VALUE
(In Millions)
k
40
45.5M 45.5M
39.9M
37.5M 37.5M
1991 1992 2000 2001
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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In order to arrest the continuing decline in value in the San Jacinto Mall area, the TIRZ
was formed to provide a mechanism and incentive to redevelop the mall. Since TIRZ's
inception it has become clear that the best way to promote reinvestment in the mall it to
encourage new residential, commercial development, and major thoroughfare
development in the area. The Amended and Update Project Plan primary function has
been shifted to supporting new residential and commercial development and in the area in
order to create a demand and synergy for private mall reinvestment and to provide for the
reconstruction of John Martin Road.
II. Proposed changes in zoning ordinances, the master plan of the
MUNICIPALITY, BUILDING CODES AND OTHER MUNICIPAL ORDINANCES
All construction will be done in conformance with existing rules and regulations of the
City of Baytown. There are no proposed changes to any city ordinance, master plan or
building codes.
IV. List of estimated non-project costs
The list of estimated non-project costs referenced below reflects costs that developers
will make toward the total development plan. These costs are listed as non-project costs
because they are costs not to be borne by the Zone. These costs reflect the investment
and commitment that has been made and that will continue to be made by developers
over the thirty (30) year life of the Zone. In general, the Zone will reimburse 70% of
public water, sanitary sewer, and storm sewer facilities, with 30% of these costs being
borne by the developer (non-project costs), and 100% for Detention and off site facilities.
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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Internal residential street and commercial road paving costs are borne at 100% by the
developer.
Table C
Estimated Non-Project Costs: Residential Development
A. Eastpoint Sections 2 and 3
TOTAL
B. Country Club Manor Sections 1 through 4
$ 1,216,239
Project Item:
1 Water Distribution
2 Sanitary Sewer
3 Storm Sewer
4 Detention
5 Interior Paving
Cost Estimate:
$ 275,613
$ 445,074
$ 740,252
$ 1,000,000
$ 1,440,000
Non-Proiect %
30%
30%
30%
0%
100%
Non-Proiect Cost
$ 82,684
$ 133,522
$ 222,076
$ 0
$ 1,440,000
TOTAL $ 1,878,282
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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C. Riverside Sections 1 through 5
TOTAL $ 2,632,925
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REINVESTMENT ZONE FINANCING PLAN
I. A DETAILED LIST DESCRIBING THE ESTIMATED PROJECT COSTS OF THE ZONE,
INCLUDING ADMINISTRATIVE EXPENSES AND STATEMENT LISTING KIND,
NUMBER AND LOCATION OF ALL PROPOSED PUBLIC WORKS OR PUBLIC
IMPROVEMENTS IN THE ZONE
Estimated Project Costs
The following lists the estimated infrastructure project costs for the Zone. It is expected
that developers will advance funds for the public infrastructure improvements and will be
reimbursed as provided in separate agreements and other documentation between the
developer, the Redevelopment Authority and the Zone. It is anticipated that the
infrastructure improvements will incur financing costs associated with the projects. Line
item amounts may be adjusted with approval of the Zone Board of Directors.
Table D
Estimated Project Costs: Residential Development
A. Eastpoint Sections 2 and 3
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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12
C. Riverside Sections 1 through 5
Table E
Estimated Project Costs: Commercial Development
♦includes drainage, utilities, contingency & engineering
Table F
Estimated Project Costs: John Martin Reconstruction*
*Harris County participation is capped at $15,022,674.
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II. The estimated amount of bonded indebtedness to be incurred
The estimated amount of bonded indebtedness that may be incurred by the Zone,
including both principal and interest, is approximately $39,652,076 million.
III. The time when related costs or monetary obligations are to be
INCURRED
The time when related costs or monetary obligations are to be incurred is a function of
the availability of Zone revenues. Schedule C shows the time when Zone funds are
expected to be available to pay project costs.
IV. A DESCRIPTION OF THE METHODS OF FINANCING ALL ESTIMATED PROJECT
COSTS AND THE EXPECTED SOURCES OF REVENUE TO FINANCE OR PAY PROJECT
COSTS, INCLUDING THE PERCENTAGE OF TAX INCREMENT TO BE DERIVED FROM
THE PROPERTY TAXES OF EACH TAXING UNIT THAT LEVIES TAXES ON REAL
PROPERTY IN THE ZONE
Description of the Methods of Financing
In accordance with Chapter 311.015 of the Tax Increment Financing Act, the City may
issue tax increment bonds or notes, the proceeds of which may be used to pay project
costs on behalf of the Zone. Upon creation of the proposed redevelopment authority, the
authority may be authorized to incur debt and issue debt or obligations to satisfy
developer reimbursements for eligible project costs. If such bonds are issued, bond
proceeds shall be used to provide for the project-related costs outlined in this plan. When
appropriate, developers will advance project-related costs and be reimbursed through the
issuance of bonds, notes or other obligations.
Sources of Tax Increment Revenue:
The purpose of the Zone is to provide the necessary public improvements to support
commercial development/redevelopment and residential development. Schedules A, B,
and C show the build-out projection and the annual captured appraised value for the
Eastpoint, Country Club Manor, and Riverside subdivisions and commercial property,
and the new improvements and increases in value of the redeveloped properties within
the San Jacinto Mall area. Schedule D shows the projected assessed valuations during
the development/build-out period and Schedule E depicts the Zone revenue schedule with
each taxing unit's participation for all areas within the Zone.
Increased property values depicted in schedules are a reflection of the potential
residential and commercial vacant land development, as well as the redevelopment
potential of San Jacinto Mall. Value increases related to the San Jacinto Mall
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 14
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revitalization are based on a preliminary plan currently being developed by the mall
ownership.
TABLE G
INCREMENT DEDICATED TO THE ZONE
Taxing Unit Tax Rate Dedicated
City of Baytown $0.73703/$ 100
Harris County* $0.29429/$ 100
*Harris County participation limited to John Martin Road Improvements
V. The current total appraised value of taxable real property in the
Zone
The base value for the original zone is $50,418,710. The base value for the Annexed
Area in 2004 is $7,710. In 2007 Harris County began participation in the TIRZ with the
following base values established in 2005, $74,414,142 for the Original Area and
$795,755 for the Annexed Area.
VI. The estimated captured appraised value of the Zone during each
YEAR OF ITS EXISTENCE
The estimated captured appraised value of the Zone during each year of its existence is
shown in Schedule C.
VII. Duration of the Zone
The duration is 30 years.
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan IS
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APPENDIX A
MAPS
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 16
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City of Baytown TIRZ No
Potential TIRZ Annex
Highway / Tollway
Road Centerline
Aerial Imagery, HGAC GDC 2006
HawesHitlCalderon UP. June 2008
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 17
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Proposed
Fire
Station
I'AUfcWAV INVUKTMUNTVTUXAX. [Nil.
5SWAtfT.ii Dinvii,Sum: 111]
P&O V*> Company
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
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GENERAL PLAN
123.507 ACRES OF LAND SITUATE DIN
THE G.C. & 5.F. RAILWAY CCftFANY
SURVEY NO. 2. ABSTRACT NO. 1017
HARRIS COUNTY. TEXAS
jume sjbi
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 20
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APPENDIX B
SCHEDULES
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Home Constnictlon
Home Construction
Home Construction
Horns Construction
Captured Value (K)
Captured Value (K)
Captured Value <K|
Captured Value (K)
Home Constnictlon
Captured Value (K)
Home Construction
Captured Value <K)
Home Construction
Captured Value (K)
Home Construction
Captured Value (K)
Home Construction
Captured Value (K)
Home Construction
Captured Value (K)
Home Construction
Captured Value (K)
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1 3
SCHEDULE A (continued)
Residential Project Vain
TAX INCREMENT REINVESTMENT ZONE NO. ONE, CITY OF BAYTOWN
Compilation of Developers
Residential Buildout Schedule (In Thousands)
2013 loiT 2015 2016 2017 2018
*
2019 2020 2021 2022 2023
Legna
Gulf Equities Realty
Town Homes
Patio Homes
Wong Annexation
Single Family Properties
Eastpolnt
Section Two
Section Three
Section Four
18
36 5 5.400
S 9,453
S 1.760
S 4.650
S 9,453
S 1.760
S 2.160
$ 9.453
S 1,760
18 S 2.160
S 9,453
S 1.760
25
65
$ 3.000
$ 8.905
$ 1.760 11 $ 1.760 1-760
341
Sa|« 116 111 98 101 11 11 1165
Total Captured Vali $16,613 $15,863 $13,373 JJ&373
$59,222
$13,665 $1,760 $1,760 $0
$76,407
_$0 $0
Cumulative Captured Value $16,613 $32,476 $45,849 $72,887 $74,647 $76,407 *76,407 $76,407
Note:
1. Captured value is presented in thousands of dollars.
2. Projected value of home construction is in 2000 dollars excluding inflation.
3. Home construction «n a calendar year results in captured appraised value in the following tax year.
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan &. Reinvestment Zone Financing Plan 23
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SCHEDULE B
Bial Pr stVa
TAX INCREMENT REINVESTMENT ZONE NO. ONE, CITY OF BAYTOWN
Compilation of Developers
Commercial Buitdout Schedule (In Thousands)
loof 2003 2004 20ST 2006
I
2007 io&T 2009 2010 201' Subtotal
Guff Equities Roalty
Multi-Family
Commercial Office
Retail
Condominium Offices
Restaurant
Drug Store
Medical Office
Office /Warehouse
Hotel
San Jacinto Mall
Wong Annexation
Commercial
Eastpoint
Commercial
Apartments
Apartments (220 Units)
-$1,114 $1,391 $4,413 $ 5.624 -$2,157 $4,758
$ 5,200
27,250
220
3,200
15,000
128
900
27,250 $ 4,088
$ 15,400
Total Captured Vali -$1,114 $1,391 $4,413 $5.624 ■$2,167 $4,768
$12,914
$6,200 $19,488
"$37lO2
$5,116 $42,717
ib'vo Captured Valu -$1,114 .$277 $4,690 $10.313 $8,ise .$12,914
Note:
1. Captured value is presented in thousands of dollars.
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 24
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SCHEDULE B (continued)
Commercial Project Values
TAX INCREMENT REINVESTMENT ZONE NO. ONE, CITY OF BAYTOWN
Compilation of Developers
Commercial Buitdout Schedule (In Thousands)
2012 2013 2014 2015 2016 2017 2018 2019 2020 TOTAL
Gulf Equities Realty
Mutti-Family
Commercial Office
Retail
Condominium Offices
Restaurant
Drug Store
Medical Office
Office / Warehouse
San Jacinto Mall
Wong Annexation
Commercial
Eastpolnt
Commercial
Apartments
Apartments (220 Units)
16,500 990 83,000 $ 4,980
240
20,000
$ 4.800
$ 1.200 109,000 $ 6,540
240
101,000
8,000
$ 4.800
$ 6,060
$ 640
67,000
7,000
80,000
$ 4,020
$ 560
$ 8,000
260
82,000
60,000
$ 5.200
$ 4,920
$ 1.200
140,000
5,500
60.000
$ 8,400
$ 440
$ 1,200
104.000
60,000
$ 6,240
$ 1.200
27,250 $ 4,088 27.250 $ 4.088 27,250 $ 4.088 27,250 $ 4,088 27,250 $ 4,088 27,250 $ 4,088
Total Captured Value $5,078 $9,068 $10,088 $10,628 ' $16,668 $11,320 "$10,040 $7,440 $138,632
Cumulative Captured Value $47,795 $56,862 $66,950 $77,577 $93,165 $109,832 $121,152 $131,192 $138.632
Note:
1. Captured value is presented in thousands of doHars.
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan 25
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TAX INCREMENT REINVESTMENT ZONE NO. ONE, CITY OF BAYTOWN
Financial and Bond Schedule
Schedule C
RESTATED & FIRST AMENDED Reinvestment Zone Project Plan & Reinvestment Zone Financing Plan
Hawes Hill Calderon, LLP
June 12,2008
26