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La Porte officials say Shore Acres would largely pay its own way; debt and assumptions remain
Summary
La Porte staff said consolidating Shore Acres would add roughly $1.2M in annual revenue under La Porte tax rates while the city would also assume about $3.7M of Shore Acres debt; officials said they do not expect the move to change La Porte’s bond rating but warned assumptions could change with appraisals.
La Porte staff told residents that modeling shows Shore Acres’ taxable base would produce about $1.2 million in revenue under La Porte’s current tax rate, and that La Porte would absorb an estimated $3.7 million in outstanding Shore Acres debt. City staff said the added debt would lower La Porte’s debt capacity but is not expected to affect the city’s recent AAA bond rating.
"We do I think, currently, there's 3,700,000 in outstanding debt that we know we'll we'll assume that debt," Corby Alexander said. Mayor Rick Hilton added that La Porte previously borrowed $4,500,000 from the Texas Water Development Board for infrastructure and said the projected Shore Acres revenues would help service assumed obligations. Officials cautioned the revenue estimate depends on appraisal trends and that modeling assumptions could change if Harris County appraisals shift.
