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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD AGENDA ITEM Appropriation Agenda Date Requested:August22, 2022 Source of Funds:Special Programs Requested By: Matt DaeumerAsst. City Mgr. Department:Administration/CMO Account Number:038-6030-565-9997 Amount Budgeted: ReportResolutionOrdinance Amount Requested:$30,000 Exhibits:Development Agreement, Incentive Budgeted Item:YesNo Application, Design & Site Plans SUMMARY & RECOMMENDATION On May 23, 2022, staff brought to the La Porte Development Corporation Board a project in downtown La Porte. The applicant Frank Nance haspurchased the building at 508 W. Main St, which currently house his State Farm Insurance Agency. There is a need to significantly remodel and expand the structure in order to grow his business. The initial estimates put 00,000. Staff ran the project through the EDC matrix, which indicated that this project would be eligible for a $30,000 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 May 23, 2022, 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 $30,000. As required by state law, a sixty (60) day public comment as advertised in the Bay Area Observer on June 2, 2022. Since this date, staff has not received any citizen feedback regarding this incentive application. Summary The application requiresaction by the City Council, which will occur on September 12, 2022. development agreement concerning thefunding through an incentive projectfor an amount not to exceed $30,000. Below outlines details of this draft development agreement: Totalcash incentive of $30,000 with following payment schedule: two payments of $15,000 and $15,000 o First payment of $15,000, within 30 days of substantial completion of construction/ renovations. This payment is estimated to occur aroundJuly 2023.