07-16-12 Meeting of the La Porte Development Corporation Board of Directors

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4. Consider approval or other action concerning proposed expenditure of $1,000,000.00 by the La Porte Development Corporation to fund an incentive grant for drainage and street related infrastructure improvements for a plant expansion project in the Battleground Industrial District — S. Osborne Economic Development Coordinator Stacey Osborne was available for any questions by Board members. Board member Clausen moved to approve the proposed expenditure of $1,000,000.00 by the La Porte Development Corporation to fund an incentive grant for drainage and street related infrastructure improvements for a plant expansion project in the Battleground Industrial District. Board member Zemanek seconded. MOTION PASSED. Ayes: President Warren and Board members Clausen, Woodard, Ojeda, Zemanek and Cooksley Nays: None Absent: Board member Engelken 5. Consider approval or other action regarding proposed budget for the 2012-2013 La Porte Development Corporation Board and provide staff with direction — S. Osborne Economic Development Coordinator Stacey Osborne presented a summary of the proposed budget for the 2012-2013 La Porte Development Corporation Board. Board members directed staff to add an agenda item to the next meeting to ratify the $20,000.00 already spent for the payout of the 908 West Main Street building. Board member Woodard asked Assistant City Manager Traci Leach to provide him with the last two years of bus ridership information from Harris County. Board member Woodard asked Economic Development Coordinator Stacey Osborne to provide him with the retail study done in 2006, questioning cost of study and what the study looks for. Board member Woodard informed Finance Director Michael Dolby that he will get in touch with him either by phone or email to discuss what the La Porte Economic Development Corporation Board owns and its finances. Board member Cooksley questioned staff about the meaning of 015 in reference to the Main Street Parking Lot. Finance Director Michael Dolby explained that 015 is the City improvement fund. Economic Development Coordinator Stacey Osborne explained that when the La Porte Economic Development Corporation Board has voted on a project, they will transfer funds from the La Porte Economic Development Corporation into the City 015 improvement fund. Board member Woodard questioned when the City Council would like for the La Porte Economic Development Corporation to complete their review of the budget. City Manager Alexander stated on or before August 13, 2012, as that is the date City Council will start Council's budget review. Board member Woodard asked Economic Development Coordinator Stacey Osborne to send Board member Chuck Engelken an email addressing the details of the July 16, 2012, La Porte Economic Development Corporation Board meeting to keep him in the loop. Page 2 of 4 July 16, 2012, La Porte Development Corporation Board Minutes