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LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br /> <br /> <br /> Appropriation <br />Agenda Date Requested: March 26, 2018 <br /> <br />Source of Funds: 4B <br />Requested By: Ryan Cramer <br /> <br />Account Number: 6030-565.90-50 <br />Department: Economic Development <br /> <br />Amount Budgeted: $250,000 <br />Report: Resolution: Ordinance: <br /> <br />Amount Requested: $5,000 <br />Exhibits: Incentive Agreement <br /> <br />Exhibits: Lease, Notarized Letter, and Zoning Permit <br />Budgeted Item: YES NO <br /> <br /> <br />SUMMARY & RECOMMENDATION <br />th <br />The City entered into an incentive agreement with Patrasia Helfey on October 24, 2016 to incentivize the rehabilitation of the <br />building located at 832 S. Broadway for a total of $25,000. This agreement contained two performance benchmarks to receive <br />payments of $20,000 and $5,000. The first benchmark was seen and approved by the LPDC at the November 13, 2017 meeting and <br />this is the request for the second benchmark. The second payment was contingent on the LPDC receiving 1.) A signed lease agreement <br />within 18 months of completion of the project, and 2.) Said lessor having an employment roster of at least one full time and one part <br />time employee. Based on the notarized letter and confirmation by a zoning permit, staff believes both benchmarks have been met. <br />Action Required by LPDC: <br />Consider approval or other action of payment to Patrasia Helfey in the amount of $5,000. <br />Approved for LPDC Agenda <br />Corby Alexander, City Manager Date <br /> <br />