11-12-12 Meeting of the La Porte Development Corporation Board of Directors

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in order to determine an after improvements value. Board member Woodard commented there was no financial information provided for the amount of payback time. Board member Zemanek questioned who would benefit with the proposed closing of the N. 11th Street right-of-way. Economic Development Coordinator Stacey Osborne responded half would benefit the particular project, and other half would benefit the current owners. Board member Zemanek asked what will be the anticipated City proceeds for closing the 11th Street and D Street rights -of -way. City Manager Corby Alexander responded approximately $32,000.00-$35,000.00 for 11th Street and $50,000.00-$52,000.00 for D Street. Board member Engelken questioned why InterGulf Corporation was not present during the meeting. Economic Development Coordinator Osborne responded InterGulf Corporation was invited to attend the meeting. They were informed their attendance was not required. There were no public comments. The public hearing closed at 5:25 p.m. 4. Consider approval or other action concerning proposed expenditure of the La Porte Development Corporation funds to pay for an incentive grant in the amount of $500,000.00 for a project to provide infrastructure improvements to the InterGulf World Headquarters site on State Highway 146 in the City of La Porte — S. Osborne Board member Ojeda moved to approve up to $500,000.00 for a project to provide infrastructure improvements to the InterGulf World Headquarters site on State Highway 146 in the City of La Porte. Board member Engelken seconded. MOTION PASSED. Ayes: President Warren and Board members Engelken Clausen, Ojeda, Zemanek and Cooksley Nays: Board member Woodard Absent: None 5. Receive presentation from staff regarding a Request for Proposal (RFP) for a Retail Study — S. Osborne Economic Development Coordinator Stacey Osborne presented regarding a Request for Proposal (RFP) for a Retail Study. Board member Ojeda made note of a correction to paragraph four of the Background of the Request for Proposal that the City of La Porte does have a coffee shop (Java Cakes). Board member Woodard commented he did not think census information should be used in retail studies. Board member Clausen moved to authorize the City to send out a Request for Proposal (RFP) for a Retail Study. Board member Zemanek seconded. MOTION PASSED. Ayes: President Warren and Board members Engelken, Clausen, Woodard, Ojeda, Zemanek and Cooksley Nays: None Absent: None Page 2 of 3 November 12, 2012, La Porte Development Corporation Board Minutes