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(b) Discussion and possible action regarding an extension of the development agreement between the <br />La Porte Development Corporation Board and Fischer's Hardware, Inc. —T. Leach <br />Assistant City Manager Traci Leach presented a summary for denial of the first payment request due <br />to the minimum capital expenditure amount stipulated in the development agreement not being met <br />and informed Fischer's Hardware Inc., withdrew their request for an extension to the development <br />agreement. <br />Board member Ojeda thanked Assistant City Manager Traci Leach for her work and inspection of <br />documents presented by Fischer's Hardware Inc. <br />Assistant City Manager Traci Leach informed Board members that Fischer's Hardware Inc., has been <br />very cooperative and have four additional benchmarks to meet. <br />There was no action taken by the Board. <br />Item D was taken out of order and presented at this time. See item below. <br />(c) Discussion and possible action regarding proposed FY 2017-2018 budget of the La Porte <br />Development Corporation Board — T. Leach <br />Assistant City Manager Traci Leach presented a summary for the proposed FY 2017-2018 budget of the <br />La Porte Development Corporation Board. Ms. Leach advised Board members of a typo on the agenda <br />request. The total proposed budget is $1,368,345 more than the FY17 projected year end budget and <br />not $1,461,145. <br />There was no action taken. <br />(d) Discussion and possible action regarding economic development incentive request from LPH <br />Properties for renovation of former Port Theater — T. Leach <br />Assistant City Manager Traci Leach advised Board members that citizens were present in the audience <br />and wish to speak on the item being presented. President Warren asked Board members if they are fine <br />with the citizens speaking on the item. All Board members were in agreement. <br />Deb Gallington, owner of Mainly Drinks, 223 W. Main Street, spoke in favor of renovation of the former <br />Port Theater. <br />Maggie Anderson, 909 Garden Walk, spoke in favor of renovation of the former Port Theater <br />Assistant City Manager Traci Leach presented a summary. <br />Horace Leopard with LPH Properties provided information and a handout on the proposed improvements <br />and renovations for the former Port Theater. Mr. Leopard requested the La Porte Development <br />Corporation Board fund $309,195 for proposed capital improvements of the project. <br />Jason Leopard with LPH Properties provided information and letters of intent from booking agents with <br />artists and entertainers expressing an interest in performing at the facility after renovations. <br />Page 2 of 3 <br />July 17, 2017, La Porte Development Corporation Board Minutes <br />