03-12-12 Meeting of the La Porte Development Corporation Board of Directors

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REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM Appropriation Agenda Date Requested:3/12/12 Source of Funds: Requested By:Stacey Osborne Account Number: Department:CMO Amount Budgeted: Report:Resolution:Ordinance: Amount Requested: Exhibits:A.Commonly Requested Incentives Budgeted Item:YES NO B.City of La Porte Incentives SUMMARY & RECOMMENDATION The City of La Porte has been short-listed for a large project in the Battleground Industrial District. The consultant for the project, Eric Geisler, has requested to meet with the EDC to present a proposal for additional incentives beyond the standard Industrial District Agreement (IDA) that the Cityoffersto all projects locating in the Industrial Districts. While not every consultant asks to present, the Cityisoften asked to provide additional incentives for larger projects, particularly within the industrial districts. Staffwanted to discuss some of these incentives prior to Mr. Geisler’s presentation so the Board can be aware of the types of incentives often requested, and have the opportunity to weigh in on whether to offer additional incentives above and beyond what the City already has in place. Attached is a list of incentives that are commonly requested by site selectors who are doing due diligence for economic development projects.Thestandard response up to now has been to stick with the incentives already in place, which in the Industrial Districts means onlythe IDA. The IDA and the other incentive we have in place areexcellent incentives, but some EDC’s offer additional incentives as standard procedure, and staffwanted to give the Boardthe opportunity to do the same. There are several options available to the Board: 1.Continue to allow staff to offer only the incentives that are in place today; or 2.Consider expanding the types of incentives that can be authorized at the staff level; or 3.Continue offering only the incentives that are in place todaybut allow the Board to consider additional requestson a case-by-case basis; or 4.Other action desired by the Board. Staff is seekingdirection from the Board on how to proceed forward with future incentive requests.