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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEMITEM <br />October 27, 2014October 27, 2014AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />N/AN/A <br />S. Livingston S. Livingston Source of Funds:Source of Funds: <br />Requested By:Requested By: <br />N/AN/A <br />Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: <br />Department: <br />N/AN/A <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />N/AN/A <br />Amount Requested:Amount Requested: <br />Exhibits: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />1. Payment Request1. Payment Request <br />2. Executed Economic Development Agreement2. Executed Economic Development Agreement <br />3. Documentation from RJI3. Documentation from RJI <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />$40,000$40,000 <br />On 14 April 2014, the 4B Board approved an economic development agreement in the amount of On 14 April 2014, the 4B Board approved an economic development agreement in the amount of <br /> to be to be <br />paid to the “Rob Johnson Realty CorporationRob Johnson Realty Corporation””((aka aka ““Rob Johnson InterestsRob Johnson Interests””))in a single installment for multiple in a single <br />installment for multiple <br />measures of performance. According to the Development Agreement, RJI must satisfy 3 conditions prior to measures of performance. According to the Development Agreement, RJI must satisfy <br />3 conditions prior to <br />payment: <br />Obtain Certificate of Occupancy; Obtain Certificate of Occupancy; <br />Lease(s) in place for a minimum of 50% of the available lease space; Lease(s) in place for a minimum of 50% of the available lease space; <br />Documentation of $2.750 million in capital investment. Documentation of $2.750 million in capital investment. <br /> <br />Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends <br />execution of payment in the amount of <br />Staff has evaluated the documentation for each condition and recommends execution of payment in the amount of Staff has evaluated the documentation for each condition and recommends <br />execution of payment in the amount of <br />$40,000 <br /> to the ““Rob Johnson Realty CorporationRob Johnson Realty Corporation””((aka aka ““Rob Johnson InterestsRob Johnson Interests””))per the terms of the enclosed per the terms of the enclosed <br /> <br />economic development agreement. economic development agreement. <br />Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: <br />$40,000$40,000 <br />Consider authorizing staff to execute payment in the amount of Consider authorizing staff to execute payment in the amount of to the to the ““Rob Johnson Realty Rob Johnson Realty <br /> <br />Corporation”(aka aka ““Rob Johnson InterestsRob Johnson Interests””))per the terms of the enclosed economic development agreement. per the terms of the enclosed economic development <br />agreement. <br />Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate <br /> <br />