2005-01-24 Regular Meeting and Workshop Meeting of the La Porte City Council minutes

Browse Search

City Council Regular Meeting ~lld Workshop Meeting - January 24, 2004 Page 6 Corporation programs are eligible to borrow up to four to five times the annual sales tax revenue under this program. These are low cost loans providing capital at a floating prime rate. Future tax revenues serve as collateral for the loan repayment. Loan proceeds must be used to pay eligible costs of the project that is defined by the Development Corporation Act and our proposed project meets the standard. The loan process was put into action earlier this month following the meeting between the Governor's Staff and La Porte Development Consortium. We are now working with the proposed applicant in submission of a loan with the State of Texas. The applicant repays us and we repay the State. The proposed project is "Fix It" to remanufacture automobiles; this project will create employment. The final petition will be completed within the next six weeks. Assistant City Attorney Clark Askins read: 2005-2806 - AN ORDINANCE APPROVING AND RATIFYING THE CERTIFICATION OF APPLICATION BY THE LA PORTE DEVELOPMENT CORPORATION TO THE OFFICE OF THE GOVERNOR, ECONOMIC AND TOURISM DIVISION, FOR A TEXAS LEVERAGE FUND (TLF) LOAN TO FUND AN ELIGIBLE PROJECT UNDER THE DEVELOPMENT CORPORATION ACT; MAKING VARIOUS FINDINGS AND PROVISIONS RELATING TO THE SUBJECT; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. Motion was made bv Councilmember Ebow to approve the application. Seconded by Councilmember Mosteit. Ayes: Beasley, Engelken, Moser, Mosteit, Clausen, Porter, Ebow, Rigby and Griffiths Nays: None Abstain: None 14. Fire Chief Mike Boaze provided Mayor, Council and Staff with an overview of the Fire Department. 15. Chairman of Fiscal Affairs Chuck Engelken provided Mayor, Council and Staff with a report from the Fiscal Affairs Committee. 20. Mayor and Council went out of order to have Executive Session. EXECUTIVE SESSION - PURSUANT TO PROVISION OF THE OPEN MEETINGS LAW, CHAPTER 551.071 THROUGH 551.076, 551-087, TEXAS GOVERNMENT CODE (CONSULTATION WITH ATTORNEY, DELIBERATION REGARDING REAL PROPERTY, DELIBERATION REGARDING PROSPECTIVE GIFT OR DONATION, PERSONNEL MATTERS, DELIBERATION REGARDING SECURITY DEVICES, OR EXCLUDING A WITNESS DURING EXAMINATION OF ANOTHER WITNESS IN AN INVESTIGATION, DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS) 551.074 - (Personnel Matter) - Discuss compensation package for Municipal Judge 551.087 - (Economic Development) Meet with City Manager and City Attorney to discuss economic development matter 551.071 - (Legal Matter) Meet with City Manager and City Attorney on legal matter Council retired to Executive Session at 7:30 p.m. and the Regular Meeting reconvened at 8:28 p.m.