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REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:11/12/12 <br />Source of Funds: <br />Requested By:Stacey Osborne <br />Account Number:038-6030 <br />Department:CMO <br />Amount Budgeted: <br />Report:Resolution:Ordinance: <br />Amount Requested:$500,000 <br />Exhibits:A.InterGulf Letterand Background <br />YES NO <br />Budgeted Item: <br />B.Project cost estimate <br /> <br />C.Site Map <br />D.Photographs <br />SUMMARY & RECOMMENDATION <br />This Public Hearing is to receive public input on the proposedexpenditureof La Porte <br />Development Corporation funds to pay for an incentive grant in the amount of $500,000 for a <br />project to provide infrastructure improvements to the InterGulf World Headquarters Site on SH <br />146 in the City of La Porte. <br />InterGulf Corporation is a local company seeking a location for the offices of the World <br />Headquartersfor their growing business. InterGulf Corporation isplanning to consolidate its <br />regional administrative offices to a new headquarterson a piece of property on the west side of <br />the SH 146Frontage Road,between C and D streets,in La Porte. The company plans to invest <br />$2.1M in capital investment, and create at least 40 new primary jobs in the coming year. <br />InterGulf Corporation and the current owners of the property approached staff regarding the need <br />for increased property areafor expansion and parking. InterGulf Corporation would like the La <br />Porte Development Corporation to consider a project to pay for the cost of improving the <br />drainage right of way, currently owned by the City of La Porte, located adjacent to the south side <br />of the property(D Street). The improvements would include the addition of box culverts, <br />backfill, and paving it with asphalt so the site can accommodate the company’s plans for future <br />growth. <br />The company would also like to purchase the portion of the D Street right of way containing the <br />improvements for the existing drainage channel from the City so they can use the surfacefor <br />their expansion plans. However, the underground system would continue to serve the City’s <br />drainage purposes, and would be a drainage corridor that the City would maintain and operate <br />under the surface of the land. The city would reserve an easementas part of the closure of the <br />right-of-way, for this purpose. <br />In addition to improving the site for future development, this project would have the added <br />benefit of saving the City costly maintenance costsover time. The right of wayis currently in <br /> <br />