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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Budget <br />Agenda Date Requested: 6 April 2015 <br />Source of Funds: N/A <br />Requested By: Scott D. Livingston <br />Account Number: N/A <br />Department: Administration/Economic Development <br />Amount Budgeted: N/A <br />Report: X Resolution: Ordinance: <br />Amount Requested: N/A <br />Exhibit: 2015 Development Agreement, Signed by INEOS <br />Budgeted Item:YES NO <br />Exhibit: Revised INEOS Agreement, 11 Aug. 2014_______ <br />Exhibit: Original INEOS Agreement, 23 Sept. 2013______ <br />SUMMARY & RECOMMENDATION <br /> <br />On 11 August 2014, the Board of the La Porte Development Corporation extended the deadline <br />20142016 <br />from 1 August to 1 August , by which INEOS USA, LLC was required to provide a <br />letter of commitment to construct the estimated $500 million Ethylene Oxide Unit in La Porte, <br />not <br />Texas.Earlier this year, however, INEOS USA, LLC announced plans to develop the <br />Ethylene Oxide Unit in La Porte, Texas. <br />Upon the request of the Board of the La Porte Development Corporation, INEOS USA, LLC has <br />agreed to enter into a new development agreement in which the terms for the Polyethylene Unit <br />remain fully intact, terms pertaining to the development of the proposed Ethylene Oxide Unit <br />have been deleted, and the LPDC is authorized by INEOS USA, LLC to re-commit the $700,000 <br />in funds, previously committed to the Ethylene Oxide Unit, to other economic development <br />projects. <br />Action Required by the La Porte Development Corporation: <br />Consider approval or other action authorizing LPDC Board President Richard Warren to sign <br />and execute the new development agreement with INEOS USA, LLC. <br />Approved for the La Porte Development Corporation Agenda: <br /> <br />Corby D. Alexander, City Manager Date <br /> <br />