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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Agenda Date Requested: February 12, 2017 <br />Requested By_ Ryan (Tamer <br />Department: Economic Development <br />Report: Resolution: Ordinance: <br />Exhibit: Incentive Agreement <br />Exhibit: Documentation <br />Budset <br />Source of Funds: <br />Fund 038 <br />Account Number: <br />99-97 <br />Amount Budgeted: <br />$100,000 <br />Amount Requested: <br />$100,000 <br />Budgeted Item: <br />YES NO <br />SUMMARY <br />On June 1 st, 2015, the Board entered in a development agreement with Gantstein Esquire, LLC for Pipeline Grill, <br />located at 10003 Spencer Highway in La Porte, Texas for an amount not to exceed $300,000 in three $100,000 <br />increments. The employment and sales goal which had been set out for increment payment two were met. <br />In order to receive incentive payment two, the recipient would have to show the La Porte restaurant employs a <br />minimum of 35 full time and 50 part time employees and had taxable sales receipts in an amount greater than or <br />equal to $4,000,000 for the calendar year 2017 with documentation being provided to the City by December 31 st, <br />2017. <br />On January 23, 2018 staff received documentation they felt comfortable verifying met the employment and sales <br />goals. <br />Action Required by the La Porte Development Corporation Board: <br />Consider approval or other action to authorize staff to execute payment in the amount of $100,000 to Ganstein <br />Esquire, LLC for completed hiring and sales goals for the restaurant at 10003 Spencer Hwy, in accordance with <br />terms of incentive agreement. <br />Approved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City Manager <br />Date <br />