02-04-08 Special Called Regular Meeting of the Development Corporation Board of Directors Minutes

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City of La Porte Interoffice Memorandum To: All LPEDC Board Members From: ~chen Black, Through: Uon Bottoms, C Date: February 17, 2008 Subject: Sylvan Beach Shoreline Protection and Beach Renourishment Project Public Hearing Attached you will find information related to the Public Hearing for the Sylvan Beach Shoreline Protection and Beach Renourishment Project. This project was considered by the TIRZ Board in January of 2004 and approved by the City Council for funding as a TIRZ Project in March of 2004. As you know this was a project in the original TIRZ Project Plan, however, it will be many years before any funds would be available from the TIRZ for repayment to the entities involved. Therefore, in case it is necessary to move this project forward, we are also exploring other funding options. At your previous meeting on the 4th you authorized staff to proceed with calling a Public Hearing. The notice of a public hearing has been published in the Bayshore Sun and a project plan is on file in the Office of the City Secretary and is included in the attached information. We are not asking the Board for a decision at this time as to the exact amount of the funding or whether or not you would expect repayment from the TIRZ at a future date. These decisions will be asked of the Board at a meeting closer to the end of the 60 day window for public objections to the project on or after April 28, 2008. We are fairly confident that the County will come through with possibly all of the remaining funding needed but nonetheless desire a back up plan just in case as this is a very important project for us and vital to the success of the proposed hotel project. We will keep you apprised of the decisions of the County as we move forward. We look forward to discussing this with you at the meeting however, should you have questions in advance of the meeting please feel free to let us know.