08-27-18 Regular Meeting of the La Porte Development Corporation Board

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Appropriation Agenda Date Requested: August 27, 2018 Source of Funds: 015-9892-993 Requested By: Ryan Cramer Account Number: Department: Amount Budgeted: $36,812.31 Report Resolution: Ordinance: Amount Requested: $23,086.50 Exhibit A: Application Budgeted Item: YES NO Exhibit B: Supporting Documents SUMMARY & RECOMMENDATION The applicant is seeking a $23,086.50 reimbursement for $46,173.00 of work at 831 S. Broadway . The applicant also received enhancement grant money recently for her building across the street, 832 S. Broadway. The building facade is currently painted CMU (concrete masonry unit) with a small awning. The applicant plans to put stucco on the west and south sides. The cost breakdown of the lowest bid is below: Demo Front Awning $1,200 Misc. Clean Up and Dumpster $880 New Front and South Side Metal Awning $7,072 Remove Wood Doors and Frame on South Side $460 New Metal Doors and Frame on South Side $1,920 Labor to Install New Doors $676 Stucco on West and South Side $9,028 Paint $6,710 Remove and Replace Front Door $2,668 Electrical $3,150 Plans $1,200 Permit $582 Supervision, Overhead, and Profit $7,109 Sales Tax $3,519 Total $46,173 The proposed development agreement provides for two separate payments. The first reimbursement (80%) would occur after the proposed improvements have been completed and verified by the Board with receipts and photos. The applicant has 18 months to complete the improvements. The second reimbursement payment (20%) would occur after the applicant provides proof of a lease, whether it is with the existing tenant or a new tenant. The applicant has eighteen months from completion to provide documentation of a valid lease.