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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA
<br />ITEMITEM
<br />February 8, 2016February 8, 2016AppropriationAppropriation
<br />Agenda Date Requested:Agenda Date Requested:
<br />Fund 038Fund 038
<br />Scott D. LivingstonScott D. LivingstonSource of Funds:Source of Funds:
<br />Requested By:Requested By:
<br />Account Number:Account Number:
<br />Economic Development/TourismEconomic Development/Tourism
<br />Department:
<br />$300,000.00$300,000.00
<br />Amount Budgeted:Amount Budgeted:
<br />Report:Resolution:Resolution:Ordinance:Ordinance:
<br />$100,000.00$100,000.00
<br />Amount Requested:Amount Requested:
<br />Exhibits:
<br />Budgeted Item:Budgeted Item:YESYESNONO
<br />1. Pipeline Grill Presentation Pipeline Grill Presentation
<br />2. Pipeline Grill, Payment Request 1 of 3 Pipeline Grill, Payment Request 1 of 3--
<br />January 5, 2016January 5, 2016
<br />3. Financial Analysis of Pipeline Grill's Invoices Financial Analysis of Pipeline Grill's Invoices
<br />and Checksand Checks
<br />4. Executed Development Agreement, June 1, Executed Development Agreement, June 1,
<br />2015
<br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS
<br />On 1 June 2015, the ED Board approved an economic development agreement in the amount of $300,000 to be On 1 June 2015, the ED Board approved an economic development agreement in the
<br /> amount of $300,000 to be
<br />paid to Gantstein Esquire, LLCGantstein Esquire, LLC((aka aka the Pipeline Grillthe Pipeline Grill) ) in three equal installments of $100,000 each for capital in three equal installments
<br /> of $100,000 each for capital
<br />improvements, renovation of the restaurant, and related infrastructure and site work. improvements, renovation of the restaurant, and related infrastructure and site work.
<br />According to the terms of the development agreement, Gantstein Esquire, LLC must satisfy three conditions prior According to the terms of the development agreement, Gantstein Esquire,
<br /> LLC must satisfy three conditions prior
<br />to receiving the first payment of $100,000: payment to receiving the first payment of $100,000: payment
<br />Complete the renovation work,Complete the renovation work,Complete the renovation work,Complete the renovation work,
<br />Obtain a Certificate of Occupancy from the City of La Porte, andObtain a Certificate of Occupancy from the City of La Porte, and
<br />Provide proof of expenditure of at least $1.2 million in infrastructure and site related improvements. Provide proof of expenditure of at least $1.2 million in infrastructure and site
<br /> related improvements.
<br />Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends
<br /> execution of payment in the amount of
<br />$100,000 to Gantstein Esquire, LLCGantstein Esquire, LLCper the terms of the enclosed economic development agreement. per the terms of the enclosed economic development agreement.
<br />
<br />The enclosed file called The enclosed file called Pipeline Grill PresentationPipeline Grill Presentationshows pictures of the renovated restaurant, and the principal shows pictures
<br /> of the renovated restaurant, and the principal
<br />of Ganstein Esquire, LLC will be available to answer any questions that the Board may have about the project. of Ganstein Esquire, LLC will be available to answer any questions that
<br /> the Board may have about the project.
<br />Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation:
<br />Consider approval or other action to authorize staff to execute payment in the amount of $100,000.00 to Gantstein Consider approval or other action to authorize staff to execute payment
<br /> in the amount of $100,000.00 to Gantstein
<br />Esquire, LLC (aka the Pipeline Grill) for completed infrastructure, site improvements, and other related Esquire, LLC (aka the Pipeline Grill) for completed infrastructure, site improvements,
<br /> and other related
<br />improvements for building site at 10003 Spencer Hwy, in accordance with terms of incentive agreement.improvements for building site at 10003 Spencer Hwy, in accordance with terms of
<br /> incentive agreement.
<br />Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda
<br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate
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