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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA
<br />ITEMITEM
<br />April 25, 2016April 25, 2016AppropriationAppropriation
<br />Agenda Date Requested:Agenda Date Requested:
<br />N/AN/A
<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 />Amount Budgeted:Amount Budgeted:
<br />Report:Resolution:Resolution:Ordinance:Ordinance:
<br />Amount Requested:Amount Requested:
<br />Exhibits:
<br />Budgeted Item:Budgeted Item:YESYESNONO
<br />1. RDS Payment Request #2 of 3 RDS Payment Request #2 of 3
<br />2. RDS Incentive Agreement, March 24, 2014 RDS Incentive Agreement, March 24, 2014
<br />3. RDS Lease Agreement RDS Lease Agreement
<br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS
<br />Richard Design Services, Inc. has hired and employed at least forty full time employees since signing a lease and Richard Design Services, Inc. has hired and employed at least forty
<br /> full time employees since signing a lease and
<br />moving into 1200 SH 146, La Porte, Texas. Therefore, based upon the terms of the enclosed incentive agreement, moving into 1200 SH 146, La Porte, Texas. Therefore, based upon the terms
<br /> of the enclosed incentive agreement,
<br />Rusty Sims, General Manager for East Houston Operations of Richard Design Services, Inc., respectively Rusty Sims, General Manager for East Houston Operations of Richard Design Services,
<br /> Inc., respectively
<br />requests payment for the second of three, annual installments in the amount of $5,000. requests payment for the second of three, annual installments in the amount of $5,000.
<br />On 24 March 2014, the ED Board approved an economic development agreement in the amount of $5,000 to be On 24 March 2014, the ED Board approved an economic development agreement in the
<br /> amount of $5,000 to be
<br />paid to Richard Design Services, Inc. in three equal installments of $5,000 each to promote the development and paid to Richard Design Services, Inc. in three equal installments of $5,000
<br /> each to promote the development and
<br />expansion of its business enterprise in the corporate limits of the City of La Porte. According to the terms of the expansion of its business enterprise in the corporate limits of the
<br /> City of La Porte. According to the terms of the
<br />development agreement, Richard Design Services, Inc. must satisfy two conditions prior to receiving the second development agreement, Richard Design Services, Inc. must satisfy two conditions
<br /> prior to receiving the second
<br />payment of $5,000: payment of $5,000:
<br />Maintain a lease for 7,500 sf in La Porte, andMaintain a lease for 7,500 sf in La Porte, andMaintain a lease for 7,500 sf in La Porte, andMaintain a lease for 7,500 sf in La Porte, and
<br />
<br />Employee at least forty employees by 1 October 2015 Employee at least forty employees by 1 October 2015
<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 />$5,000 to Richard Design Services, Inc. per the terms of the enclosed economic development agreement. $5,000 to Richard Design Services, Inc. per the terms of the enclosed economic
<br /> development agreement.
<br />A representative from Richard Design Services, Inc. will be available to answer any questions that the Board may A representative from Richard Design Services, Inc. will be available
<br /> to answer any questions that the Board may
<br />have about the project. 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 number 2 of 3 in the amount of $5,000.00 Consider approval or other action to authorize staff to execute payment
<br /> number 2 of 3 in the amount of $5,000.00
<br />to Richard Design Services, Inc. at 1200 SH 146, La Porte, Texas, in accordance with terms of incentive to Richard Design Services, Inc. at 1200 SH 146, La Porte, Texas, in accordance
<br /> with terms of incentive
<br />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
<br />6
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