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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA
<br />ITEMITEM
<br />October 28, 2015October 28, 2015AppropriationAppropriation
<br />Agenda Date Requested:Agenda Date Requested:
<br />ED Gen. Fund ED Gen. Fund
<br />Scott D. LivingstonScott D. Livingston
<br />Requested By:Requested By:
<br />Source of Funds:Source of Funds:
<br />BalanceBalance
<br />Economic Development/TourismEconomic Development/Tourism
<br />Department:
<br />CIP CIP
<br />Report:Resolution:Resolution:Ordinance:Ordinance:
<br />Account Number:Account Number:
<br />015.9892.993.1100015.9892.993.1100
<br />$250,000.00$250,000.00
<br />Amount Budgeted:Amount Budgeted:
<br />$250,000.00$250,000.00
<br />Amount Requested:Amount Requested:
<br />Exhibits:
<br />Budgeted Item:Budgeted Item:YESYESNONO
<br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS
<br />Earlier this year, the Board expanded the La Porte Enhancement Grant Program to include all qualifying Earlier this year, the Board expanded the La Porte Enhancement Grant Program to
<br /> include all qualifying
<br />businesses in the City of La Porte, replenished the Enhancement Grant Fund with $107,669, and directed staff to businesses in the City of La Porte, replenished the Enhancement Grant
<br /> Fund with $107,669, and directed staff to
<br />publish public notice of a public hearing to identify the La Porte Enhancement Grant Program as an authorized publish public notice of a public hearing to identify the La Porte Enhancement
<br /> Grant Program as an authorized
<br />projectduring FY 2015during FY 2015--2016. When the City Council approved the ED Board2016. When the City Council approved the ED Boards proposed budget in September, s proposed
<br /> budget in September,
<br />it ratified and approved the Boardit ratified and approved the Boards decision to replenish funds for the La Porte Enhancement Grant Program. s decision to replenish funds for the
<br /> La Porte Enhancement Grant Program.
<br />By designating the La Porte Enhancement Grant Program as a By designating the La Porte Enhancement Grant Program as a projectprojectduring the new fiscal year and publishing during
<br /> the new fiscal year and publishing
<br />the required 60 day public notice of the Boardthe required 60 day public notice of the Boards intent to fund the project, the Board avoids having to separately s intent to fund the
<br /> project, the Board avoids having to separately
<br />post a new 60 day public notice for each separate enhancement grant project during the new fiscal year. post a new 60 day public notice for each separate enhancement grant project during
<br /> the new fiscal year.
<br />The current balance of the Façade Grant item in the CIP is $250,972.37, which includes the transfer of $107,669, The current balance of the Façade Grant item in the CIP is $250,972.37,
<br /> which includes the transfer of $107,669,
<br />payment to Eagle Energy Resources, LLC for $25,000, payment to David or Sharon Tindle (i.e. The Oak Center) payment to Eagle Energy Resources, LLC for $25,000, payment to David or Sharon
<br /> Tindle (i.e. The Oak Center)
<br />for $15,787.63, and the outstanding commitment of $25,000 for the Lafitte Cajun Station, which expires on 26 for $15,787.63, and the outstanding commitment of $25,000 for the Lafitte
<br /> Cajun Station, which expires on 26 for $15,787.63, and the outstanding commitment of $25,000 for the Lafitte Cajun Station, which expires on 26 for $15,787.63, and the outstanding commitment
<br /> of $25,000 for the Lafitte Cajun Station, which expires on 26
<br />January 2016. Since the owners of The Oak Center saved some money on their approved projects, the Board did January 2016. Since the owners of The Oak Center saved some money on their
<br /> approved projects, the Board did
<br />not reimburse them the maximum approved amount. As a result, the account is approximately $972.37 greater not reimburse them the maximum approved amount. As a result, the account is
<br /> approximately $972.37 greater
<br />than the $250,000 sum, which the Board had planned to designate for enhancement grant projects in FY 2015than the $250,000 sum, which the Board had planned to designate for enhancement
<br /> grant projects in FY 2015-
<br />2016.
<br />Therefore, please consider approving the designation of the La Porte Enhancement Program as a Therefore, please consider approving the designation of the La Porte Enhancement Program
<br /> as a projectprojectduring
<br />Fiscal Year for 2015Fiscal Year for 2015--2016 to promote and develop new and expanded business enterprises, specifically for site 2016 to promote and develop new and expanded business
<br /> enterprises, specifically for site
<br />improvements and other related improvements for infrastructure, for qualifying businesses throughout the City of improvements and other related improvements for infrastructure, for qualifying
<br /> businesses throughout the City of
<br />La Porte.
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