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in order to determine an after improvements value.Boardmember Woodard commented there was <br />no financial information provided for the amount of payback time. <br />th <br />Boardmember Zemanek questioned who would benefit with the proposed closing of the N. 11 <br />Street right-of-way. Economic Development Coordinator Stacey Osborne responded half would <br />benefit the particular project,and other half would benefit the current owners. Boardmember <br />th <br />Zemanek asked what will be the anticipated City proceeds for closing the 11Street and D Street <br />rights-of-way. City Manager Corby Alexander responded approximately $32,000.00-$35,000.00 for <br />th <br />11Street and $50,000.00-$52,000.00 for D Street. <br />Boardmember Engelken questioned why InterGulf Corporation was not present during the meeting. <br />Economic Development Coordinator Osborne responded InterGulf Corporation was invited to <br />attend the meeting. They were informed their attendance was not required. <br />There were no public comments. <br />The public hearing closed at 5:25p.m. <br />4. <br />Consider approval or other action concerning proposed expenditureof the La Porte Development <br />Corporation funds to pay for an incentive grant in the amount of $500,000.00 for a project to provide <br />infrastructure improvements to the InterGulf World Headquarters site on State Highway 146 in the <br />City of La Porte –S. Osborne <br />Board member Ojedamoved toapprove up to $500,000.00 for a project to provide infrastructure <br />improvements to the InterGulf World Headquarters site on State Highway 146 in the City of La <br />MOTION PASSED. <br />Porte. Board member Engelken seconded. <br />Ayes: President Warren and Board members Engelken Clausen, <br />Ojeda, Zemanek and Cooksley <br />Nays: Board member Woodard <br />Absent:None <br />5. <br />Receive presentation from staff regarding a Request for Proposal (RFP) for a Retail Study–S. <br />Osborne <br />Economic Development Coordinator Stacey Osborne presentedregarding a Request for Proposal <br />(RFP) for a Retail Study. <br />Board member Ojeda made note of a correction to paragraph four of the Background of the <br />Request for Proposal that the City of La Porte does have a coffee shop (Java Cakes). <br />Board member Woodard commented he did not think census information should be used in retail <br />studies. <br />Board member Clausenmoved toauthorize the City to send out a Request for Proposal (RFP) for a <br />MOTION PASSED. <br />Retail Study.Board member Zemanekseconded. <br />Ayes: President Warren and Board members Engelken, Clausen, <br />Woodard, Ojeda, Zemanek and Cooksley <br />Nays: None <br />Absent:None <br />Page 2of 3 <br />November 12, 2012, La Porte Development Corporation Board Minutes <br /> <br />