10-04-10 Special Called Regular Meeting of the La Porte Development Corporation Board of Directors

Browse Search

REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM Ordinance: Appropriation Source of Funds: SOURCE Account Number: 038-6030-565.90-15 Amount Budgeted: $175,000 Amount Requested: $175,000 Budgeted Item: IvEsl NO Agenda Date Requested: 10/15/10 Requested By: Stacey Osborne Department: Report: X CMO Resolution: Exhibits: 1. Area Map 2. Cost Breakdown Summary 3. Ownership & R-O- W Closings 4. Paving & Drainage 5. Water & Sanitary Sewer 6. Landscaping & Maintenance 7. Ogden Development Layout SUMMARY & RECOMMENDATION This Public Hearing is to receive public input on the proposed expenditures of La Porte Development Corporation funds to pay for two separate projects: 1) $175,000 to fund street paving for Sector 23 development ofa 22-acre light industrial park; and 2) $180,000 to fund the installation of bulkheads at the City of La Porte Golf Course. \ This is a summary of the street paving for Sector 23 development ofa 22-acre light industrial park and an explanation of the proposed expenditures. Upon receipt of public input on this project, the Board will vote on whether to approve this expenditure as a project of the Economic Development Corporation. If approved, the project cannot be undertaken until the 60 day period following the publication date of the notice of public hearing. If during this 60 day period at least 10 percent of the registered voters file a petition requesting a public election on the proposed project, the project must be put on hold and submitted to the voters for approval. Project Summary: Alton Ogden and adjacent owners desire to develop approximately 20 acres ofland adjacent to South 14th Street between West "D" and West "G" Streets (Sector 23 Area). He has recently acquired several properties in the area in order to aggregate land for development. Additionally, several adjacent property owners have joined Mr. Ogden in filing an application to close the existing rights-of-way required to facilitate the development. On April 28th of2008, Staff requested direction from Council on Mr. Ogden's request to apply the funds from the right-of-way closings toward the cost of constructing South 14th Street which is integral to the development. At that time, Council advised Staff that it was agreeable to Mr. Ogden's request to partner in constructing South 14th Street using the abandonment proceeds. Currently, Mr. Ogden's Street/Alley Closing application is administratively complete. A subsequent appraisal of the rights-of-way to be closed has established fair market value at $1.75 per square foot. The application calls for closing 180,120 square feet of right-of valued at $315,210. By ordinance, the value of the subject rights-of-way will be discounted 25% resulting in total closing fees of $236,407.50. The total cost estimate for construction of Mr. Ogden's project is $612,240 and is detailed below: . Paving: $174,240 · Drainage: $215,000 · Sanitary Sewer Extension: $10,000