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o Second payment of $15,000 when building is occupied with four (4) full- <br />time jobs (confirmed by documentation stating such). The applicant will <br />be responsible for maintaining jobs 5 years after 2nd payment. This <br />payment is estimated to occur around January 2024. <br /> Claw- <br />maintain the four (4) jobs for five (5) years, each year potential recapture amount <br />decreases by $6,000. If the Recipient fails to qualify for the first payment, then <br />recapture amount will decrease by $3,000. <br /> <br />Staff request the Board to hold a public hearing to receive feedback on this incentive <br />project that was funded by the Board for FY 2021-22. At the conclusion of the public <br />hearing, based on the feedback received during the 60-day comment period, staff <br />recommends approval from the LPDC Board for the State Farm Building incentive <br />project. <br /> <br />Staff has worked with the Assistant City Attorney and the applicant on an agreeable <br />development agreement. Staff will ask that the Board consider approval of the <br />agreement if it approves the project. <br /> <br /> <br />ACTION REQUIRED BY BOARD <br />Conduct public hearing to receive comments from the public on this project. <br />Consider, discuss, and possible action on a financial incentive of $30,000 to <br />Frank Nance, applicant for his refurbishment/Renovation of the State Farm <br />Building, located at 508 S. Broadway Street in La Porte, Texas. <br /> <br />Approved for the La Porte Development Corporation Board meeting agenda. <br /> <br />Corby D. Alexander, City Manager Date <br /> <br /> <br />