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responded it is his understanding the La Porte Development Corporation Board wishes to have the pay <br />back specified and any revisions can be made as desired by Board members. <br /> <br />Board member Clausen commented it is his understanding the Board wishes to establish consistent <br />guidelines and not polices. Mr. Livingston advised the item can be revised as per Board members <br />desires and presented at a future meeting. <br /> <br /> <br />MOTION <br />Board member Woodard moved to table the item. Board member Clausen seconded. <br />PASSED <br />. <br />Ayes: President Warren, Board members Woodard, Clausen Ojeda and <br />Martin <br /> Nays: None <br /> Absent: Vice-President Cooksley and Board member Engelken <br />(e) <br />Discussion and possible action authorizing Staff to publish 60-day public notice of a public hearing <br />dware <br />for an amount not to exceed $350,000.00 S. Livingston <br />Economic Development Coordinator Scott Livingston presented a summary authorizing Staff to publish <br />60-day public notice of a public hearing to consider awarding an economic development grant to <br /> <br /> <br />Board member Woodard left the table at 6:24 p.m., and returned at 6:32 p.m. <br /> <br />Board member Clausen It Best Hardware has been in business and how <br />old is the building. Rod Rothermel o <br />informed the building was a Kroger grocery store . <br /> <br />Mr. Rothermel introduced himself and advised Board members he and Michael Breaux, also owner of <br />decided due to the growth in La Porte there is a need to expand the <br />business. Mr. Rothermel also added profits are being invested in the business. <br /> <br />Board member Martin questioned business personal property being a valuation of the property value. <br />Economic Development Coordinator Scott Livingston responded it is part of the value of the project and <br />it is taxable property. Board member Martin asked if it is cost or retail value of $450,000.00 for the <br />purchase of new retail inventory. Mr. Rothermel responded cost. <br /> <br />Board member Ojeda asked other Board members their thoughts on interior furniture, fixtures and <br />equipment being considered a part of value of the project. Board member Martin commented he does <br />not think the intent of the economic development grant program is to include inventory but it is to <br />improve the community. President Warren commented he does not have a problem improving the <br />building but does have concerns with the number of new jobs being created and the pay-back period. <br /> <br />Board member Martin commented he would be comfortable with an economic development grant not <br />exceeding $250,000.00. Board member Woodard agreed with Board member Martin and commented <br />the location is good for beautification in the City. <br /> <br />Board member Ojeda asked Mr. Rothermel if he is the owner of the other two Fi <br />Hardware stores and if they have received incentive grants from other cities. Mr. Rothermel responded <br /> <br />Page 4 of 6 <br />August 26, 2015, La Porte Development Corporation Board Minutes <br /> <br /> <br /> <br /> <br />