11-12-12 Meeting of the La Porte Development Corporation Board of Directors

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disrepair, and this project would improve both the appearance and the efficiency of the drainage system. This project is a permissible EDC project under Chapter 501 of the Texas Local Government Code. As such, staff recommends that the EDC fund the project in an amount not to exceed $500,000.00.Inaddition, the city will contribute staff time devoted to engineering and project management. Any amount over the $500,000.00will be paid for by Intergulf Corporation. Upon receipt of public input on this project, the Board will vote on whether to approve this expenditure as a project of the La PorteDevelopment Corporation. If approved, the project cannot be undertaken until the 60 day period following the publication date of the notice of public hearing, which was November 8, 2012. If during this 60 day period at least 10 percent of the registered voters file a petition requesting a public election on the proposed project, the project must be put on hold and submitted to the voters for approval. If approved, the project will be included in the FY 2012-13quarterly budgetamendmentto be approved by both the La Porte Development Corporation Board and the City Council. Action Required by Economic Development Corporation: 1.Conduct public hearing 2.Consider approval or other action to accept the grant of $500,000for infrastructure improvements on the InterGulf World Headquarters Site on SH 146 in La Porteas a project of the La Porte Development Corporation. Approved for La Porte Development Corporation Agenda Corby D. Alexander, City ManagerDate