02-24-20 Regular Meeting of the La Porte Development Corporation Board

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD Agenda Date Requested: February 24, 2020 Requested By: Ryan Cramer, Econ. Dev. Coord. Department: CMO Report i' Resolution ir" Ordinance Exhibits: Application Site plan AGENDA ITEM Appropriation Source of Funds: Special Programs Account Number: 038-6030-565-9997 Amount Budgeted: $85,000 Amount Requested: $100,000 Budgeted Item: ir Yes i; No SUMMARY The applicant, Marion (Marty) Campise is interested in buying the Main Street bank building, most recently used as Becky's Ceramics and remodeling it to have two or possibly three retail spaces and three apartment units. The total amount being asked from the City is $150,000, $100,000 through an incentive and $50,000 from the Enhancement Grant Program. This will be a significant remodel as the roof will need to be completely replaced, the entire fagade needs to be redone and the existing backlot will be turned into a children's playground and parking lot. Initial estimates put the applicant's investment at $500,000 but it will most likely be more. When ran through our matrix, this project is eligible for $22,365, but the Board has the authority to award as much or as little as they see fit. This project is one with more intangible value to the City, specifically as a foot traffic hub on Main Street, than its taxable value would suggest. A similar project is the Port Theater renovations for which the Board approved drafting a development agreement at a cost of $104,799, which never materialized. The applicant will also need the City to close to alley directly to the west for a drive through. If the Board was interested in pursuing this project, staff would suggest opening the 60 day public comment period as there would be no requirement to fund the project at the end of 60 days. RECOMMENDED MOTION Move to open the 60 day public comment period for a possible incentive valued up to $(any amount) for 100 W. Main St.