08-24-20 Regular Meeting of the La Porte Development Corporation Board

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD AGENDA ITEM Appropriation Agenda Date Requested:August24, 2020 Requested By:Jason Weeks, Asst. City Mgr.Source of Funds:Special Programs Department:Administration/CMO Account Number:038-6030-565-9997 Amount Budgeted: ReportResolutionOrdinance Amount Requested:$85,000 Exhibits:Development Agreement, Incentive Application, Budgeted Item:YesNo Design & Site Plans SUMMARY & RECOMMENDATION On February 24, 2020, staff brought to the La Porte Development Corporation Board a project in downtown La Porte. The applicant Marion (Marty) and Vicki Campise have purchased the Main Street bank building, which was previ Ceramics. The building is located at 100 W. Main Street. The initial renovation proposal included remodeling the building to have two (2) or three (3) retail spaces, along with three (3) apartment units. There is a need to significantly remodel due to the roof needing to be completely replaced, the entire façade needing to be redone and the 0,000. Staff ran the project through the EDC matrix, which indicated that this project would be eligible for a $22,365 incentive. This project has the potential to have more intangible value to the City, specifically due to the foot traffic hub on Main Street. On February 24th, the La Porte Development Corporation Board discussed the project and approved to move forward with an incentive package for this project in an amount not to exceed of $85,000. As required by state law, a sixty (60) day public comment Bay Area Observer on March 5, 2020. Since this date, staff has not received any citizen feedback regarding this incentive application. Since the February 24th meeting, the applicant has moved further along on this project and has made some changes to the initial project. Currently, the applicant has secured agreements with two (2) tenants to occupy the first floor of this building. These tenants