03-24-14 Meeting of the La Porte Development Corporation Board of Directors

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Budget Agenda Date Requested:24March 2014 Source of Funds:4B Board Requested By:Scott D. Livingston Account Number: 038 Department: Administration/Economic Development Amount Budgeted: N/A Report: Resolution:Ordinance: Amount Requested:$15,000 Exhibit:Development Agreement Budgeted Item:YESNO Exhibit: Richard Industrial Group Flyer Exhibit: Exhibit: SUMMARY & RECOMMENDATION In order to facilitate the opening of their new office in La Porte, RIGrequesteda cash incentive $15,000 grant in the amount of on 23 September 2013.Public notice of a 60-day petition period and a public hearing was published, and the public hearing was held on 9 December 2013. 90 In order to attract RIG’s new office to La Porte and support the creation of up to new full- time jobs in La Porte, both the 4B Board and the La Porte City Council voted to award RIG a $15,000 cash incentive grant in the amount of on 9 December 2013to open a new officefor at 375 least a period of yearsand re-locate and/or hire at least full-time employees in La Porte. Development Agreement Details A development agreement has been drafted,which includes the following criteria and conditions for performance: Equal installments of $5,000 per year over a three year period, per the terms of the development agreement will be made. In order to receive each, full annual payment of $5,000, the Richard Industrial Group will need to submit proof to the LPDC that they have retained and/or hired at least the full time employees minimum number of (FTEs) for that given year, according to the targets they provided, and which are also included in the development agreement, to the 4B Board and Council. RIG must provide the LPDC with objective, annual reports to prove the minimum number of FTEs were retained and/or hired each year.Ideally, RIG will simply provide the LPDC with information which they are already generating and providing to the State C3 Report 941 Report of Texas called a and/or the US Government called a .