11-13-17 Meeting of the La Porte Development Corporation Board

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Agenda Date Requested: 11/13/17 Requested By: Ryan Cramer Department: Economic Development Report: Resolution: X Ordinance: Exhibit: Signed Development Agreement Exhibit: Proof of Capital Investment and Permits Exhibit: Photos Budget Source of Funds: Contingency Account Number: 038-6030-565.90-50 Amount Budgeted: 5250,000 Amount Requested: $20,000 Budgeted Item: YES NO SUMMARY & RECOMMENDATION On October 24, 2016, the ED Board executed an enhancement grant for Patrasia Hefley in the amount of $25,000. According to the terms of the development agreement, Ms. Hefley may receive two separate payments of up to $20,000 and $5,000. In order to qualify for the first payment of $20,000, Ms. Hefley must provide: • Copies of all applicable invoices and receipts of payment for the same invoices. • Pictures showing proof of completion of the project components • Copies of all certificates and permits required by the City of La Porte, Texas • Proof of minimum capital investment in the amount of $67,152.89 applied towards eligible and approved improvements. The renovation to the Business Site and related infrastructure for which the required capital investment is made, must, at a minimum, include the following scope of work, and in the amounts indicated: a. Replacement of door, fascia boards, windows, and gutters: $12,250.00 b. Build decorative wall on top of building: $17,420.00 c. Re- asphalt the parking lot: 511,800.00 d. Installation of new exterior lighting: $1,500.00 e. Painting exterior walls: 51,775 00 f. Remove old eaves and build new eave at front and side door: 515,915.00 g. Repair flower terraces: $1,375.00 It. Sales Tax: $5,117.89 Total: $67,152.89 Staff has evaluated the required documentation, finds that the applicant has satisfied the requirements of the development agreement, and recommends execution of payment in the amount of $20,000 to Ms. Hefley. The applicant will be available to answer any questions the Board may have about the project Action Required by the La Porte Development Corporation: Consider approval or other action to authorize staff to execute payment in the amount of $20,000 to Patrasia Hefley in accordance with the terms of incentive agreement.