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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA
<br />ITEMITEM
<br />June 27, 2016June 27, 2016AppropriationAppropriation
<br />Agenda Date Requested:Agenda Date Requested:
<br />Fund 038Fund 038
<br />Traci LeachTraci LeachSource of Funds:Source of Funds:
<br />Requested By:Requested By:
<br />Account Number:Account Number:
<br />Economic Development/TourismEconomic Development/Tourism
<br />Department:
<br />$426,000.00$426,000.00
<br />Amount Budgeted:Amount Budgeted:
<br />Report:Resolution:Resolution:Ordinance:Ordinance:
<br />$ 75,000.00$ 75,000.00
<br />Amount Requested:Amount Requested:
<br />Exhibits:
<br />Budgeted Item:Budgeted Item:YESYESNONO
<br />1. Required C.O's received Required C.O's received
<br />2. ACT Turbo Update, Presentation ACT Turbo Update, Presentation
<br />3. Development Agreement Development Agreement
<br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS
<br />On 22 September 2014, both the ED Board and City Council approved an economic development incentive for On 22 September 2014, both the ED Board and City Council approved an economic
<br /> development incentive for
<br />ACT Independent Turbo Services, Inc.ACT Independent Turbo Services, Inc.((ACT) in the amount of $426,000. The ED Board approved and ACT) in the amount of $426,000. The ED Board
<br /> approved and
<br />executed the development agreement for this project on 17 November 2014. executed the development agreement for this project on 17 November 2014.
<br />According to the terms of the development agreement, ACT may receive three separate payments of up to According to the terms of the development agreement, ACT may receive three separate
<br /> payments of up to
<br />$75,000, $185,000, and $166,000 over a three year period. In order to qualify for the first payment of $75,000, $75,000, $185,000, and $166,000 over a three year period. In order to
<br /> qualify for the first payment of $75,000,
<br />ACT must:
<br />Complete all proposed construction of both a (a) business office building, and (b) industrial Complete all proposed construction of both a (a) business office building, and (b) industrial
<br />
<br />manufacturing/repair building,manufacturing/repair building,
<br />Submit proof of a Certificate of Occupancy for both (a) and (b) issued by the City of La Porte, andSubmit proof of a Certificate of Occupancy for both (a) and (b) issued by the City
<br /> of La Porte, and
<br />Submit proof of a Certificate of Occupancy by/before 1 June 2016. Submit proof of a Certificate of Occupancy by/before 1 June 2016.
<br />Staff has evaluated the required documentation and recommends execution of payment in the amount of $75,000 Staff has evaluated the required documentation and recommends execution of
<br /> payment in the amount of $75,000
<br />to ACT Independent Turbo Services, Inc.ACT Independent Turbo Services, Inc.per the terms of the enclosed economic development agreement. per the terms of the enclosed economic development
<br /> agreement.
<br />The enclosed file called The enclosed file called Pictures of Completed ConstructionPictures of Completed Constructionshows pictures of the companyshows pictures of the companys
<br /> new facility in s new facility in
<br />La Porte, and representatives of the company will be available to answer any questions that the Board may have La Porte, and representatives of the company will be available to answer
<br /> any questions that the Board may have
<br />about the project. 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 $75,000.00 to Consider approval or other action to authorize staff to execute payment in the
<br /> amount of $75,000.00 to ACT ACT
<br />Independent Turbo Services, Inc.Independent Turbo Services, Inc.in accordance with terms of incentive agreement.in accordance with terms of 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
<br />22 22
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