12-12-11 Meeting of the La Porte Development Corporation Board of Directors

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REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM Agenda Date Requested: 12/12/11 Requested By: Stacey Osborne Department: CMO Report: X Resolution: Ordinance: Exhibits: Site Bid Tabulation Bidder List Appropriation Source of Funds: Account Number: Amount Budgeted: Amount Requested: Budgeted Item: YES NO SUMMARY & RECOMMENDATION In October, 2009, the City of La Porte Development Corporation purchased Lots 7 and 8, Block 52, Town of LaPorte, Harris County, Texas, from the owners of the Shipley Donuts store for a price of $23,000.00. These two lots are contiguous to the property owned by the City of La Porte, described as the commercial building at 912 West Main Street, and the parking lot adjacent to the building. On November 15, 2011, the EDC Board authorized the sale of the lots to be included in the real property sale of 912 W. Main Street. When the sale has been completed, the pro -rata portion of the sales price attributable to Lots 7 and 8, Block 52, Town of LaPorte, less expenses, will be remitted to the Economic Development Board. Six (6) bid packets were picked up and on November 30, 2011, two (2) bids were opened (see Bid Tabulation attached). The highest bid was received from the Economic Alliance in the amount of $125,000. Staff recommends that the EDC Board authorize the sale of real estate owned by the La Porte Development Corporation and described as parking lot situated on lots 7 and 8, block 52, to successful bidder on advertised sale by the City of La Porte of building and said adjoining parking lot, located at 912 West Main Street. This action is necessary should the Council accept one of the submitted bids. However, should the City Council decline to accept bids, this action would not bind the EDC Board to sell the parking lot property it owns.