07-08-13 Meeting of the La Porte Development Corporation Board of Directors

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Based upon some of the questions about the project on June 10', please note that the following information has also been provided: Legal Description of the Property Being that tract of land containing approximately 2.8 acres - Lots 3 - 26 and a portion of Lot 2 out of Block 47, La Porte Townsite Vol 67, Page 196, H.C.D.R.; Lots 1 — 4 and 29 — 32 out of Block 26, Vol 57, page 320, H.C.D.R. and the West "A" Street Abandonment all shown attached thereto: (see attached) Itemized List of Work Done to Secure the Property • Payment of earnest money • Property is under contract for purchase • Phase I Environmental "No Further Action Required", dated May 24, 2013. • Closure Letter from the State of Texas (T.E.C.Q.), December 2012 — After current owner had done a Phase II on site. • Marketing — Aerial Photographs and Demographics (see attached) Itemized List of Expenses to Date: • Phase I - $2,500.00 • Aerial Photographs - $1,500.00 • Demographics - $750.00 • Architect and Engineering - $6,500.00 • Earnest Money - $11,500.00 TOTAL invested capital at risk is $22,750. Other Closing Schedule — October 2013 Do not have the right to extend the contracts Partners — Robert E. Johnson, Jr. and Robert E. Johnson, III If the Board is amenable to this project, staff will schedule a public hearing for the meeting of the Board of Directors in September (assuming a publication date in the Houston Chronicle on July 18th). This project will require that Rob Johnson enter into a performance agreement with the La Porte Development Corporation, the terms of which would establish minimum thresholds for key performance indicators such as the creation of jobs, specific capital investment, and other items to be determined. All parties involved will have the opportunity to provide input on the performance agreement before it is presented as a project.