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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEM <br />Agenda Date Requested: July 14, 2014 <br />Requested By: Scott D. Livingston <br />Department: Economic Development/Tourism <br />Report: ' Resolution:'' Ordinance: '' <br />Exhibits: <br />1. $250 Million Letter of Commitment <br />2. INEOS Development Agreement <br />Appropriation <br />Source of Funds: N/A <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: ' YES NO <br />SUMMARY & RECOMMENDATIONS <br />Under the terms of the development agreement which this board approved on 23 September 2013, INEOS USA, <br />LLC has made a commitment to invest at least $250 million in the "Polyethylene Project", which is also referred to <br />as "Unit #F'. <br />Per the terms of the same development agreement, under Article LA.2, INEOS USA, LLC respectfully requests <br />payment in the amount of $300,000. <br />Action Required by the La Porte Development Corporation: <br />Consider approval or other action to authorize staff to execute payment in the amount of $300,000 to INEOS <br />USA, LLC pursuant to the Development Agreement. <br />Approved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City Manager <br />Date <br />