04-13-15 Meeting of the La Porte Development Corporation Board of Directors

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM April 13, 2015April 13, 2015AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: Source of Funds:Source of Funds: Scott D. Livingston Scott D. Livingston Requested By:Requested By: Account Number:Account Number: Administration Administration Department: Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: $300,000 $300,000 Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. Project Introduction1. Project Introduction 2. Project Presentation2. Project Presentation 3. Proposed Floor Plan3. Proposed Floor Plan 4. Project Score Card w/Ganstein4. Project Score Card w/Ganstein 5. Public Hearing Posting5. Public Hearing Posting 6. Propsective Projects Financial Cash Flow 6. Propsective Projects Financial Cash Flow AnalysisAnalysis SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS 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 and investing approximately $1.2 $1.2 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 millionimproveimprove project materials for additional information. project materials for additional information. The project principals are requesting an incentive in the amount of The project principals are requesting an incentive in the amount of to support the re to support the re--development of the development of the $300,000$300,000 vacant building and develop a new Pipeline Grill at this location. The estimated payback period for $300,000 to this vacant building and develop a new Pipeline Grill at this location. The estimated payback period for $300,000 to this proposed project is proposed project is . Please note the enclosed Project Score Card.. Please note the enclosed Project Score Card. 3.54 years3.54 years On 26 January 2015, the 4B Board voted and authorized staff to On 26 January 2015, the 4B Board voted and authorized staff to . . . . . . publish 60publish 60--day notice of a public hearing to day notice of a public hearing to consider awarding an economic development grant to Gantstein Esquire, LLC, for an amount not to exceed consider awarding an economic development grant to Gantstein Esquire, LLC, for an amount not to exceed $300,000 or equal to 25% of the project expenditures not to exceed $300,000$300,000 or equal to 25% of the project expenditures not to exceed $300,000. . On Thursday, 5 February 2015, On Thursday, 5 February 2015, staff published public notice in the staff published public notice in the of a hearing to be held more than 60 days later on 13 April of a hearing to be held more than 60 days later on 13 April Bay Area ObserverBay Area Observer 2015. Project UpdatesProject Updates To date, the project principals have: To date, the project principals have: Closed on the purchase of the subject property,Closed on the purchase of the subject property, Submitted Submitted to the City of La Porte (CLP) on 2/25/15, which were approved by staff on to the City of La Porte (CLP) on 2/25/15, which were approved by staff on demolitiondemolitionplansplans 3/6/15, Submitted a request for an Submitted a request for an to the CLP, which was approved by staff on 3/10/15, to the CLP, which was approved by staff on 3/10/15, electricalelectricalpermitpermit Submitted a request for a Submitted a request for a to the CLP on 2/25/15, which was approved by staff on 3/9/15, to the CLP on 2/25/15, which was approved by staff on 3/9/15, zoning permitzoning permit