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<br />La Porte Development Corporation - 1/24/05 - Page 2 <br /> <br />President Pat Muston questioned if there were specifics on the amounts. Staff has <br />recommended that we apply to the State for $1 million and loan that amount with a <br />repayment of 10 years. She questioned if the City would have the first lien. The <br />assets total more than $23 million. Jan Lawler of Alliance will be speaking at the <br />City Council Meeting regarding this subject. Ms. Alexander will forward the <br />specifics of the lien. <br /> <br />City Manager Debra Feazelle explained that the City has worked with legal in order <br />to not be locked into a certain amount. <br /> <br />c. There was no public input. <br /> <br />d. The Public Hearing closed at 5: 10 p.m. <br /> <br />4. Consider approval of a Resolution # 2005-4B01 - A RESOLUTION OF THE BOARD <br />OF DIRECTORS OF THE LA PORTE DEVELOPMENT CORPORATION; <br />APPROVING AND AUTHORIZING THE CERTIFICATION OF APPLICATION BY <br />THE LA PORTE DEVELOPMENT CORPORATION TO THE OFFICE OF THE <br />GOVERNOR, ECONOMIC AND TOURISM DIVISION, FOR A TEXAS <br />LEVERAGE FUND (TLF) LOAN TO FUND AN ELIGIBLE PROJECT UNDER <br />THE DEVELOPMENT CORPORATION ACT; MAKING VARIOUS FINDINGS <br />AND PROVISIONS RELATING TO THE SUBJECT; FINDING COMPLIANCE <br />WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE <br />HEREOF. <br /> <br />Motion was made by Bill Love to approve Resolution 2005-4B01 as presented. <br />Second by Chuck Engelken. Motion carried unanimously. <br /> <br />Ayes: Pat Muston, Bill Love, Ed Matuszak, Tommy Moser, Chuck Engelken, Mike <br />Clausen, Michael Dolby <br />Nays: None <br />Abstain: None <br /> <br />5. Assistant City Manager Cynthia Alexander provided an overview of the 2005 Fiscal <br />Year Budget. <br /> <br />6. Administrative Reports <br /> <br />There was a status report on Canada Road and Bay Area Boulevard. The projects are <br />proceeding in a timely manner, under the direction of Public Works Director Steve <br />Gillett. <br /> <br />Ms. Muston spoke of job training, suggesting partnering with LPISD and San Jacinto <br />College. Ms. Alexander will research this area and report to the Board. Ed Matuszak <br />questioned if the City can annex. Mr. Joerns will report back on this topic. <br /> <br />7. Board Comments <br /> <br />Ms. Alexander stated that a marina project is not out of the question if we define it as a <br />park facility. <br /> <br />Mr. Joerns explained the application has been sent to the Corp of Engineers regarding <br />coastal protection. <br />