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1971 03 01 CC Minutes, Special14940 MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF BAYTOWN March 1, 1971 The City Council of the City of Baytown, Texas met in special session on Monday, March 1, 1971 at 5:00 o'clock p.m., in the Council Room of the Baytown City Hall with the following members in attendance: Ted L. Kloesel Councilman Leonard Stasney Councilman Don M. Hullum Councilman Allen Cannon Councilman Lamar Kelley Councilman C. Glen Walker Mayor D. R. Voelkel City Manager W. R. Laughlin City Attorney Howard Northcutt Adm. Assistant Edna Oliver City Clerk David Evans Councilman The mayor called the meeting to order and stated that the special meeting was called to consider the option to extend the term of the Indus- trial District Agreement between Houston Lighting & Power Company and the City of Baytown. She original Industrial Agreement with Houston Lighting & Power Co. was executed August 27, 1969 and extended over a period of seven years with annual payments of $11,163.00 to be made to the City on the let day of April, 1970 through April 1, 1976. However, the parties agreed that effective January 1, 1971, the City shall have an option, to be exercised not later than March 1, 1971, to substitute for this agreement a new Agreement iden- tical in terms to the present Agreement except: (1) such new Agreement shall be for a term of seven (7) years from the let day of April, 1971; (2) payment by HL&P to City during term beginning April 1, 1971, shall be a total sum of Two Hundred Twenty Three 'Thousand Two Hundred Sixty -Nine ($223,269.00) Dollars to be paid in seven (7) annual installments, said installments to be $31,895.00 annually and will terminate as of March 31, 1978. The Tax Assessor, Mickey Coe, submitted a pay -out schedule on the original and option contract, plus an amount to be received in tax revenue at the close of each contractual agreement. He prepared the schedule showing total annexation and annexation of 248 of the facilities and property. The total annexation tax revenue annually would be $10288,125..00 and a 248 ratio, $309,150.00 annually. Mr. Coe completed his table of comparison by assump- tion using today's values and a tax rate of $1.50 per $100 valuation based on 508 of the assessed value, and it revealed that if the council exercises the option it will cost the City $152,862.00 in revenue over the seven (7) year period. Following some further discussion, Councilman Stasney moved not to exercise the option in the contract. Councilman Kloesel seconded the motion. The vote follows: Ayes: Councilmen Kloesel, Hullum, Stasney, Cannon and Kelley Mayor Walker Nays: None Adjourn There being no further business to come before the Council, the motion was made by Councilman Hullum and seconded by Councilman Kloesel that the meeting adjourn. She ayes wer�panimoy� d the Mayor declared the meeting adjourned. /v al,7 AT7T: n Edna Oliver, City Clerk Q�William R. Laughlin, City Attar y r, mayor ki I