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06-24-19 Regular Meeting of the La Porte City Council
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06-24-19 Regular Meeting of the La Porte City Council
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City Meetings
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City Council
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Agenda Packet
Date
6/24/2019
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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE LA PORTE <br />DEVELOPMENT CORPORATION, AND INEOS STYROLUTION AMERICA LLC, A DELAWARE <br />LIMITED LIABILITY COMPANY, FOR USE OF TYPE B DEVELOPMENT CORPORATION SALES <br />TAX FUNDS <br />THIS AGREEMENT made by and entered into this day of , 2019 between the La <br />Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas <br />Local Government Code Chapters 501 and 505, hereinafter "LPDC", and INEOS STYROLUTION <br />AMERICA LLC, a Delaware limited liability company, hereinafter "Recipient". <br />WITNESSETH: <br />WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within <br />the City for promotion of economic development and the LPDC is authorized to use such tax revenues <br />for certain qualifying projects and other economic development related purposes; and <br />WHEREAS, Recipient is a business that manufactures industrial goods and which employs <br />positions classified as primary jobs, as the term "primary jobs" is defined in Chapter 501 of the Texas <br />Local Government Code; and <br />WHEREAS, Recipient wishes to expand its current business operation at its affiliate's industrial <br />complex at 1230 Independence Parkway in the Battleground Industrial District, located adjacent to the <br />northern corporate limits of the City of La Porte, Texas (hereinafter, "Battleground Manufacturing <br />Complex"), by constructing and operating a styrene monomer manufacturing facility at a minimum <br />capital investment cost of $750,000,000.00 and which after five (5) years is anticipated to employ up to <br />85 additional personnel (hereinafter, "Styrene Monomer Project"); and <br />WHEREAS, LPDC and Recipient anticipate that the construction of the facilities for the Styrene <br />Monomer Project will be substantially complete by December 31, 2024; and <br />WHEREAS, Texas Local Government Code section 501.159 authorizes a Type B corporation to <br />undertake a project in another jurisdiction in the state if the governing body of the other jurisdiction <br />requests the corporation to exercise its powers within its jurisdiction; and whereas Harris County, Texas <br />has requested and authorized the LPDC to undertake the projects described in this Agreement at the <br />Battleground Manufacturing Complex; and <br />WHEREAS, Recipient has requested that LPDC provide financial incentives to promote the <br />expansion of the Battleground Manufacturing Complex for the Styrene Monomer Project, as a qualifying <br />project of the LPDC for the development of new or expended business enterprises that create and <br />retain primary jobs, as authorized by Texas Local Government Code Chapters 501 and 505, and it is <br />the desire of LPDC to assist in the funding of same, finding that such expenditures will contribute to 1) <br />the development of new or expended business enterprises that create and retain primary jobs, and 2) <br />will be suitable for the development, retention, or expansion of manufacturing and industrial facilities <br />and in furtherance of the promotion of economic growth and development in the City; and <br />
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