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<br /> <br />REQUEST FOR LA PORTE CITY COUNCIL AGENDA ITEM <br /> <br /> <br />Budget <br /> <br />Agenda Date Requested: 9 March 2015 <br /> <br />Source of Funds: N/A <br /> <br />Requested By: Scott D. Livingston <br /> <br />Account Number: N/A <br />Department: Administration/Economic Development <br />Amount Budgeted: N/A <br />Report: Resolution: XX Ordinance: <br /> <br />Amount Requested: N/A <br /> <br />Exhibit: Current Bylaws of the La Porte Dev. Corp. <br />Budgeted Item: YES NO <br /> <br />Exhibit: Requested Revisions to Section 5.04 of the LPDCs <br /> <br /> <br />Bylaws <br /> <br /> <br />Exhibit: Resolution to Approve Changes to the LPs B y-Laws <br /> <br /> <br /> <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Staff requested the City of La Porte Development Corporation Board of Directors consider <br />Section 5.04 <br />approval of a proposed revision to of the Bylaws of the City of La Porte Development <br />Corporation that would allow the Board of Directors to approve individual enhancement grant <br />requests for an amount not to exceed $25,000 without prior or additional City Council approval. <br /> <br />The proposed revision will simplify and accelerate the approval process for applicants to the <br />La Porte Enhancement Grant Program. All other revisions to Section 5.04 are being recommended <br />only to clean up the language in that Section. <br /> <br />current <br />The language of Section 5.04 is provided here: <br /> <br />The Board of Directors shall obtain prior City Council approval of all real estate <br />acquisitions, real estate leases for over one year and or any long-term leases; contracts, <br />expenditures, or debts over $15,000.00; and bond issues or other debt extending beyond one <br />year. The Board of Directors shall have the authority to enter into all other budgeted <br />transactions without prior City Council approval. Amendments to the budget must be <br />approved by the City Counci <br /> <br />Section 5.04 <br />The suggested revised language for is highlighted in yellow and/or shown as a <br />strikethrough: <br /> <br />The Board of Directors shall obtain prior City Council approval of all real estate acquisitions, <br />real estate leases for over exceeding one year and/or any long-term other leases for over exceeding <br />one year; and all bond issues or other debt extending beyond one year; and, contracts, <br />expenditures, or debts over $15,000.00. The Board of Directors shall have the authority to enter <br />into all other budgeted transactions without prior or additional City Council approval. <br />Notwithstanding the foregoing, the Board of Directors shall have the authority to approve all <br />budgeted Enhancement Grant expenditures Requests for an amount equal to or less than $25,000, without <br /> <br />