06-26-06 Regular Called Meeting of La Porte Development Corporation Minutes

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South Seabrook Marine District Committee Responsibilities The Economic Development Administrator will be responsible for ensuring the committee's focus stays on track and that meetings are held regularly and are progressive. The "EDA" will prepare the agenda and handle all follow-up activities. Reasonable expectations within the first six months (after coming on board) are as follows: (A) The fundinglhiring for the initial consulting firm to prepare the overview of the project. This will involve the creation of an RFP that will be authorized by the City Council before sending to prospective firms. (B) The determination of the long term funding mechanism that will support the project. This will coincide with the consultant's recommendations and take into consideration a variety of financing alternatives including a bond issue; establishment of a "TIF" and/or Municipal management District; and possibly an annual commitment from the EDC. (C) Following the initial phase, the "EDA" would then be responsible for the creation of a second RFP which would involve locating a development firm that would actually spearhead the initial construction and development plan. (D) Should the "EDA" be able to accomplish (A-C) during this timeframe, keeping the property owners and the City Council on board during this vulnerable period, any reasonable person would have to consider the project a huge success. We indicated to the business/property owners that we would reconvene in January. This would be the perfect opportunity to introduce everyone to the new Economic Development Administrator and provide a forum to discuss the next phase of the planning process. What I have outlined above is very similar to the process Austin implemented in the 1980's re its Town Lake Project. Bruce has copies (on loan) of their final reports/studies from this process. At some point in the near future, Seabrook's City Council is going to have to make a major financial commitment to this project in order to ensure any chance of success. They should be made aware at the earliest opportunity that the new Economic Development Administrator has been charged with this responsibility as a major component of his /her work plan.