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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Budget <br />Agenda Date Requested:23September2013 <br />Source of Funds: <br />Requested By:Traci E. Leach <br />Account Number: <br />Department: Administration/Economic Development <br />Amount Budgeted: <br />Report: Resolution:Ordinance: <br />Amount Requested: <br />Exhibits:Request Letter from Intergulf <br />Exhibit: Original Agreement <br />Budgeted Item:YESNO <br />Exhibit:Deed for Reserve B <br />Exhibit: Ordinance/Deed for Closing D Street <br />Exhibit: Executed Construction Contract <br />SUMMARY & RECOMMENDATION <br />On June 10, 2013, the La Porte Development Corporation approved an incentive agreement with <br />Intergulf Corporation for the relocation of a corporate headquarters in La Porte. As part of this <br />relocation, Intergulf requested an incentive to assist in the construction of drainage <br />improvements to the D Street right-of-way to expand the buildable area of the lot. The incentive <br />agreement, as approved by the Board, is attached an exhibit. <br />Since that time, Intergulf has completedthe drainage work and haspresenteda request for the <br />Board to consider making the first payment pursuant to the agreement terms. According to the <br />agreement, Intergulf must provide the following documentation to the Board for review: <br />Documentation that Intergulf has purchased the property upon which the corporate <br />headquarters is to be constructed; and <br />th <br />Documentation that Intergulf has closed West D Street right of way between N. 11 <br />Street and SH 146; and <br />Executed construction contract <br />Staff has reviewed the required documentation and inspected the work on site to verify that Items <br />1 through 4 (as outlined in Exhibit B to the agreement) related to drainage have been <br />satisfactorily completed. All documentation is attached for Board review. <br />Staff recommends thatthe Board approve the first payment to Intergulf Corporation in the <br />amount of $375,000, based upon Intergulf’s successful completion of the benchmarks set forth in <br />the Agreement. <br />Action Required by theLa Porte Development Corporation: <br />Consider approval or other action ofan incentive payment of $375,000 to Intergulf Corporation, <br />pursuant to that Incentive Agreement, dated June 10, 2013. <br />Approved for the La Porte Development CorporationAgenda <br />Corby D. Alexander,City ManagerDate <br /> <br />