Laserfiche WebLink
<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br /> <br />Bud2et <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />EDC <br /> <br />Report: Resolution: <br /> <br />Ordinance: X <br /> <br />Account Number: 038-6030-565-7001 (2) <br />(4) & (5)* <br />Amount Budgeted: $0 <br /> <br />Department: <br /> <br />Exhibits: Revised Lease Agreement 908 Main <br /> <br />Amount Requested: <br /> <br />$8,300 <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Attached you will find a copy of a revised lease agreement between the City and the <br />Economic Alliance Houston Port Region which was originally approved by the City Council <br />last fall. Subsequent to that approval by Council staff found that there were sections of the <br />agreement which needed further refinement and definition. <br /> <br />At the last City Council meeting you were present with the proposed changes which were <br />highlighted in orange on the attached agreement. The key changes center around defining <br />payment for services delivered to the City by the Alliance and the method of payment by the <br />City as well as the value of monetary credits given for potential leasehold improvements. The <br />date of the Agreement was also changed by mutual agreement to begin a fresh new 10 year <br />period beginning on January 1 of 2008. <br /> <br />Subsequent to this final draft for your consideration we were also informed by the Alliance of <br />grant funds that they have secured for other improvements. Staff and the Alliance updated <br />you on this new development in Executive Session at the last meeting. This information is <br />addressed as well in the revised agreement and it will be handled formally under separate <br />cover at a later date. <br /> <br />*Note: In order to track the funds appropriately as an economic development activity staff is <br />recommending that they be placed in the ED budget and a budget adjustment will be <br />requested at the next LPEDC meeting on February 25, 2008. <br /> <br />Action Required by Council: <br /> <br />Approve th attached Ordinance authorizing the City Manager to execute a revised Lease <br />Agre ent be een the City of La Porte and the Economic Alliance Houston Port Region. <br /> <br /> <br />J /~~~ <br /> <br />Date <br />