08-27-07 Special Called Regular Meeting of Development Corporation

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City of La Porte Interoffice Memorandum To: All LPEOC Board Members From: I < I I Gretchen Blac , Through: John Joerns, AC Date: November 2, 2007 Subject: Consideration of an Agreement between the LPEOC and WesMor Cryogenic Manufacturing LTD. - Known as Project Austin Powers Attached you will find a copy of the proposed agreement with between the LPEOC and WesMor Cryogenic Manufacturing L TO for your consideration. As you may recall the initial discussions with representatives of WesMor occurred in mid-February of this year when they were introduced to us through the Economic Alliance who had heard of their plans to possibly relocate. At that time company representatives were given an application for tax abatement and also informed of possible support from the LPEOC related to the project. Subsequent meetings by staff over the past several months with WesMor and with the Board have resulted in the final attached agreement which has been executed by the company and it is the same agreement that you reviewed and we discussed in Executive Session in August. Company repres~ntatives have been notified of the meeting date however, as of this writing, we have not heard if they will be in attendance. Also, although not specifically a 4B issue, attached you will find a copy of the proposed 380 ED Incentives Grant Agreement related to this project which will be considered by the City Council at their regular meeting immediately following our meeting on the 1ili. Per the LPEOC By-Laws any expenditure over $15,000 requires City Council approval. We are pleased to have completed this project with the end result being that WesMor will remain as a part of our business community. We look forward to working with them in the years to come. As always staff will be available to address any questions you may have at the meeting however, if you have any questions prior to the meeting please feel free to call. c: Ron Bottoms, City Manager