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RICHARD WARREN, PRESIDENT <br />MIKE COOKSLEY, BOARD MEMBER <br />JOHN ZEMANEK, BOARD MEMBER <br />CHUCK ENGELKEN, BOARD MEMBER <br />MIKE CLAUSEN, BOARD MEMBER <br />RANDY WOODARD, BOARD MEMBER <br />NANCY OJEDA, BOARD MEMBER <br />MINUTES OF LA PORTE DEVELOPMENT CORPORATION BOARD <br />MEETING OF NOVEMBER 12, 2012 <br />The City of La Porte Development Corporation Board met on November 12, 2012, at the City Hall Council <br />Chambers, 604 West Fairmont Parkway, La Porte, Texas, at 5:00 p.m. to consider the following items of <br />business: <br />1. Call to Order <br />President Warren called the meeting to order at 5:00 p.m. The following members of the La Porte <br />Development Corporation Board were present: Board members Engelken, Clausen, Woodard, <br />Ojeda, Zemanek and Cooksley. <br />Staff Present: Corby Alexander, Traci Leach, Patrice Fogarty, Stacey Osborne, Michael Dolby and <br />Assistant City Attorney Clark Askins. <br />2. Consider approval of Minutes of the La Porte Development Corporation Board held on October 22, <br />2012, 2012 — P. Fogarty <br />Board member Zemanek moved to approve the minutes as presented. Board member Cooksley <br />seconded. MOTION PASSED. <br />Ayes: President Warren, Board members Engelken, Clausen, <br />Woodard, Ojeda, Zemanek and Cooksley <br />Nays: None <br />Absent: None <br />3. Public Hearing to receive comments on a proposed expenditure of the La Porte Development <br />Corporation funds to pay for an incentive grant in the amount of $500,000.00 for a project to provide <br />infrastructure improvements to the InterGulf World Headquarters site on State Highway 146 in the <br />City of La Porte — S. Osborne <br />The public hearing was opened at 5:01 p.m. Economic Development Coordinator Stacey Osborne <br />presented a summary regarding a proposed expenditure of La Porte Development Corporation <br />funds for an incentive grant in the amount of $500,000.00 for a project to provide infrastructure <br />improvements to the InterGulf World Headquarters site on State Highway 146 in the City of <br />La Porte. <br />Board member Woodard asked if InterGulf Corporation owns the property. Economic Development <br />Coordinator Stacey Osborne responded she was not certain if InterGulf Corporation owns the <br />property she only knew they are in the process of purchasing the property. Board member <br />Woodard questioned if the value of the land is based before or after improvements. City Manager <br />Corby Alexander responded the value is based on before improvements. Board member Woodard <br />questioned what would be the value of the property after improvements. City Manager Corby <br />Alexander responded the property would have to be appraised after improvements are completed <br />Page 1 of 3 <br />November 12, 2012, La Porte Development Corporation Board Minutes <br />