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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEM <br />Agenda Date Requested: February 22, 2016 <br />Requested By: Scott D. Livingston <br />Department: Economic Development/Tourism <br />Report: ' Resolution:'(' Ordinance: ' <br />Exhibits: <br />1. Agreement <br />2. Guidelines <br />3. Project Math <br />Appropriation <br />Source of Funds: 038 -ED General Fund <br />Balance <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: $120,000.00 <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATIONS <br />On Monday, 25 January 2016, the City Council voted to approve an economic development grant for Fischer's <br />Hardware, Inc. for an amount not to exceed $120,000. The proposed development agreement was amended to <br />reflect the new amount. In order to receive a fullpayment of $120,000, payable through five separate payments <br />over a four year period, Fischer's Hardware, Inc. must meet each of the following conditions: <br />• Spend at least $600,000 to complete all the approved work items by 28 Feb. 2017, <br />. Employ at least 4 new full time employees and 3 new part time employees, and <br />. Increase sales tax revenue by 20% for 3 years. <br />The scope of work proposed by Fischer's Hardware is unchanged. <br />Staff recommends approval of the development agreement. <br />Action Required by the La Porte Development Corporation: <br />Consider approval or other action to award an economic development incentive for an amount not to exceed <br />$120,000 to Fischer's Hardware, Inc., to be awarded at the completion of the project, pursuant to the terms of a <br />development agreement, and authorize President Richard Warren to sign and execute a development agreement. <br />Approved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City Manager <br />Date <br />