10-22-12 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:10/22/12 Appropriation Requested By:Stacey Osborne Source of Funds: Department:CMO Account Number:15-9892-993-1100 Report:XResolution:Ordinance: Amount Budgeted:$200,000 Amount Requested:$25,000 Exhibits:A.Application YESNO Budgeted Item: B.Photos C.Evaluation Summary SUMMARY & RECOMMENDATION In the most recentbudget year, the La Porte Economic Development Corporationagreed to continue fundingan enhancement grant program for the Main Street District. The program offered matching grants of up to $25,000 for businesses in the Main Street District to improve building facades. The project was allotted $200,000. The goals of the project were to beautify Main Street, to enhance Main Street’s appeal to new businesses and visitors, and to add value to the City of La Porte. Kyle Reesehas submitted a grant application for renovations to a historic building at 406 West Main Street.The Enhancement Grant Application Committee met to discuss the application, and agreed that it should be approved for an amount not to exceed $25,000. The actual award will be one-half of the amount Mr. Reesespends on approved expenses for the project up to $25,000, and will be contingent upon the project being completed as indicated in this grant application. Attached is the application that Mr. Reesesubmitted, as well some photographs of thebuilding and an evaluation summary. The committee recommends that the Board conditionally award a grant in an amount not to exceed $25,000, based on receipts and completion of work as indicated. Action Required by Economic Development Corporation: Consider approval or other action ofa grant amount not to exceed $25,000forMr. Reese, to be awarded at the completion of the project, conditional upon receipts and completion of work as indicated. Approved for La Porte Development Corporation Agenda Corby D. Alexander,City ManagerDate