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Board of • <br />La Porte Development Corporation <br />604 • Parkway <br />LaPorte, <br />C • =4; ! / • <br />My name is ' • • Johnson,owner of R• • JohnsonlocalReal <br />Development company formed in 1985. This is my 40th year in the real estate business, <br />which began in Houston in 1973. <br />For the last 12 years, we have concentrated on "in -fill" locations at major come <br />and ad oining strong retail users. We have developed in Mid -town, Washington Avenu <br />Sugar Land, OST @ Scott, Porter Texas and just completed our third phase at the <br />Shoppes of Town Square on Center Street and Pasadena Blvd in Deer Park (enclosed <br />photo's of Phases <br />We hope to entice some of our Deer Park . <br />Firehouse Subs, Papa Murphy's Pizza, Wing Stop, Sport Clips, and Verizon to join us in <br />. Porte. <br />secondV'e've contracted for a portion of the Jay Marks Chevrolet site at the Southwesi <br />comer of Highway 146 and Spencer Highway as our first phase (approximately 2.86 <br />phase of <br />We hope to begin the project in the fall once we've settled on a site plan and the <br />tenants that make the development possible and successful. That's where we need the <br />financial assistance from the 4B Development Board. For our project to work we have to <br />be able to be competitive on both rents and pricing — we'll be developing a brand new <br />center and competing with the older area property rents (Fairmont Parkway and Highway <br />146). We feel we build a great product for the price, but we've got some additional cost <br />of . • demolition an• lift removal.•• to the purchase price of property n <br />makes the economics of • •,. extremely tight.• .• see attached demolition <br />removal bids from Cherry Demolition and NCM Demolition, two of the most respected — <br />demolition companies in the country- we're in the process of getting lift removal pricing). <br />We believe that if we can make the economics of the development attractive <br />enough to our perspective tenants we can get these tenants and some new faces to follow <br />us to La Porte — we feel this is an extremely underserved market that is perfect for our <br />•- of development. <br />5 Riverway, Suite 340 ® Houston, Texas 77056 a (713) 957-2552 0 Fax: (713) 957-0138 <br />