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Economic Development Coordinator Scott Livingston presented a summary and introduced Vice- <br />President-Engineering and IT, Glen Turner with ACT Independent Turbo Services Inc. Mr. Turner <br />provided an overview of the business plan model and introduced executive staff members. <br />Board member Woodard moved to authorize Staff to post notice for a public hearing for an economic <br />incentive grant up to $450,000 to ACT Independent Turbo Services Inc. Board member Clausen <br />seconded. <br />Ayes: President Warren, Vice-President Cooksley, Board members <br />Clausen, Woodard and Martin <br />Nays: None <br /> Absent: Board members Engelken and Ojeda <br />(b) <br />Discussion or other action authorizing Staff to revise the existing Development Agreement with <br />INEOS S. Livingston <br /> <br />Economic Development Coordinator Scott Livingston presented a summary of INEOS request of a two- <br />year extension of certain deadlines relating to the Ethylene Oxide Project under the Incentive <br />Agreement. <br /> <br />Business Development Manager, Steve Reynolds with INEOS advised the board INEOS will provide <br />updates on the project whenever requested by the board. <br /> <br />Vice President Cooksley moved to agree to extend the existing Development Agreement with INEOS <br />by modifying the three deadlines as indicated in the commitment letter and setting aside $700,000 for <br />INEOS. Board member Martin seconded. <br />Ayes: President Warren, Vice-President Cooksley, Board members <br />Clausen, Woodard and Martin <br />Nays: None <br /> Absent: Board members Engelken and Ojeda <br /> <br />4. SET DATE FOR NEXT MEETING <br />S. Livingston <br /> <br /> <br />Board members set the next meeting date for Monday, August 11, 2014 and September 22, 2014 for <br />the ACT Project at 5:00 p.m. <br /> <br />5. STAFF REPORTS <br />(a) Receive report of the Economic Alliance Houston Port Region S. Livingston <br />Chad Burke, President/CEO of the Economic Alliance Houston Port Region presented a report. <br />Mr. Burke informed the City of La Porte has had 13 projects, excluding INEOS since 2008, with 727 million <br />dollars and 2 million dollar a year impact to the tax revenues in La Porte. <br /> <br />(b) Receive Financial Report M. Dolby <br />Financial Director Michael Dolby provided a report. <br /> <br />(c) Receive report on the recent ICSC (International Council of Shopping Centers) Show held in <br /> Las Vegas S. Livingston <br /> <br />Page 2 of 3 <br />July 14, 2014, La Porte Development Corporation Board Minutes <br /> <br /> <br /> <br /> <br />