06-06-11 Meeting of the La Porte Development Corporation Board of Directors minutes

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REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM Appropriation Agenda Date Requested: 6/27/11 Source of Funds: Requested By: Stacey Osborne Account Number: 15- 9892 - 993 -1100 Department: CMO Amount Budgeted: $200,000 Report: X Resolution: Ordinance: Amount Requested: $25,000 Exhibits: Application Budgeted Item: IYES NO Exhibits: Evaluation Summary Exhibits: SUMMARY & RECOMMENDATION In the 2008 -09 budget year, the La Porte Economic Development Corporation agreed to fund an enhancement grant program for the Main Street Overlay District. The program offered matching grants of up to $25,000 for businesses in the Main Street Overlay District to improve building facades. The project was allotted $200,000. The goals of the project were to beautify Main Street, to enhance Main Street's appeal to new businesses and visitors, and to add value to the City of La Porte. Donald E. Hulen has submitted a grant application for his business, Real Cheap Tools, which is located at 111 South 8 Street. The Enhancement Grant Application Committee met to discuss the application, and agreed that it should be approved for an amount not to exceed $25,000. The actual award will be one -half of the amount Mr. Hulen spends on approved expenses for the project up to $25,000, and will be contingent upon the project being completed as indicated in this grant application. Attached is the application that Mr. Hulen submitted, as well as an evaluation summary and comments regarding required changes and acknowledged non - conformities. The committee recommends that the Board conditionally award a grant in an amount not to exceed $25,000, based on receipts and completion of work as indicated. Noted changes must be made to original plans in order for grant monies to be awarded. Action Required by Economic Development Corporation: Cons' • - approving a grant amount not to exceed $25,000 for Mr. Hulen and Real Cheap Tools, to be awarded at the c pleti n of the project, conditional upon receipts and completion of work as indicated. A 1 8 At or j orte Develo ' ment Cor s oration A enda An 41 Ron Bottoms, ity Manager ( date