11-11-15 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 November 11, 2015November 11, 2015AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: Source of Funds:Source of Funds: Scott D. LivingstonScott D. Livingston Requested By:Requested By: Account Number:Account Number: Economic Development/TourismEconomic Development/Tourism Department: Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS Per the BoardPer the Boards vote and action taken on this project at the Board meeting on Wednesday, 26 August 2015, on 3 s vote and action taken on this project at the Board meeting on Wednesday, 26 August 2015, on 3 September 2015 (see enclosed) ED Staff published 60 day notice in the Bay Area Observer of a public hearing to September 2015 (see enclosed) ED Staff published 60 day notice in the Bay Area Observer of a public hearing to consider awarding an economic development incentive grant to Fischerconsider awarding an economic development incentive grant to Fischers Do It Best Hardware for an amount not s Do It Best Hardware for an amount not to exceed $250,000. Since the Board meeting in late August, ED Staff and City Attorney Clark Askins also to exceed $250,000. Since the Board meeting in late August, ED Staff and City Attorney Clark Askins also crafted a proposed development agreement to facilitate the expansion of Fischercrafted a proposed development agreement to facilitate the expansion of Fischers Hardware. s Hardware. During Fischer HardwareDuring Fischer Hardwares review of the proposed development agreement, staff learned that some of the project s review of the proposed development agreement, staff learned that some of the project estimates will be revised. The principals of Fischerestimates will be revised. The principals of Fischers Hardware plan to undertake each of the projects shared and s Hardware plan to undertake each of the projects shared and discussed in previous presentations, but need to reduce the amount of money that will be spent on some of the discussed in previous presentations, but need to reduce the amount of money that will be spent on some of the projects. Once revised information about the project is ready, staff will present it to the Board for consideration. projects. Once revised information about the project is ready, staff will present it to the Board for consideration. Since the revised estimates for this project are unavailable, a proposed development agreement for this project is Since the revised estimates for this project are unavailable, a proposed development agreement for this project is not available at this time. not available at this time. While the project principals are not planning to request an economic development incentive grant greater than While the project principals are not planning to request an economic development incentive grant greater than $250,000, and the other primary parameters of the project remain unchanged, it would be understandable if the $250,000, and the other primary parameters of the project remain unchanged, it would be understandable if the $250,000, and the other primary parameters of the project remain unchanged, it would be understandable if the $250,000, and the other primary parameters of the project remain unchanged, it would be understandable if the Board preferred to wait until all components of the project were known. Staff recommends that, at a minimum, Board preferred to wait until all components of the project were known. Staff recommends that, at a minimum, the Board open the public hearing, as scheduled, to avoid rethe Board open the public hearing, as scheduled, to avoid re--publication of the public notice. Once the public publication of the public notice. Once the public hearing has been opened, the Board has wide discretion as to what type of action is taken. Some options are listed hearing has been opened, the Board has wide discretion as to what type of action is taken. Some options are listed below: Vote and take action on the incentive grant request for the proposed project as presented previously by the Vote and take action on the incentive grant request for the proposed project as presented previously by the applicant; orapplicant; or Discuss the proposed project and table the public hearing to a future date; orDiscuss the proposed project and table the public hearing to a future date; or Table the public hearing (without discussion) to a future date.Table the public hearing (without discussion) to a future date. Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: Consider approval or other action to award an economic development incentive to the owners of FischerConsider approval or other action to award an economic development incentive to the owners of Fischers Do It s Do It Best Hardware for an amount not to exceed $250,000.Best Hardware for an amount not to exceed $250,000. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate