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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEMITEM <br />January 26, 2015January 26, 2015AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />Source of Funds:Source of Funds: <br />Scott D. Livingston Scott D. Livingston <br />Requested By:Requested By: <br />Account Number:Account Number: <br />Economic Development/Tourism Economic Development/Tourism <br />Department: <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />300,000 300,000 <br />Amount Requested:Amount Requested: <br />Exhibits: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />1. Project Introduction1. Project Introduction <br />2. Project Presentation2. Project Presentation <br />3. Proposed Floor Plan3. Proposed Floor Plan <br />4. Project Score Card4. Project Score Card <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />The principals of Gantstein Esquire, LLC are considering the option of buying and investing approximately The principals of Gantstein Esquire, LLC are considering the option of buying <br /> and investing approximately <br />$1.2 $1.2 <br /> to the former Texans Sports Bar and Grill at 10003 Spencer Hwy.  Please note the enclosed the former Texans Sports Bar and Grill at 10003 Spencer Hwy.  Please note the enclosed <br />millionimproveimprove <br />project materials for additional information. project materials for additional information. <br /> The project principals are requesting a grant in the amount of The project principals are requesting a grant in the amount of to support the re to support the re--development of the <br /> development of the <br />$300,000$300,000 <br />vacant building and develop a new Pipeline Grill at this location.  vacant building and develop a new Pipeline Grill at this location.  <br /> Considering the plans for this project, the estimated payback period for $300,000 is Considering the plans for this project, the estimated payback period for $300,000 is .  Please note <br /> the .  Please note the <br />3.56 years3.56 years <br />enclosed Project Score Card.enclosed Project Score Card. <br />Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: <br />Consider approval or other action authorizing staff to publish 60Consider approval or other action authorizing staff to publish 60--day public notice of a public hearing to consider <br /> day public notice of a public hearing to consider <br />awarding an economic development grant to Gantstein Esquire, LLC for an amount not to exceed awarding an economic development grant to Gantstein Esquire, LLC for an amount not to exceed <br /> . <br />$300,000$300,000 <br />Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate <br /> <br />