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Board member Woodard moved to authorize Staff to post notice for a public hearing for an <br />economic incentive grant up to $450,000 to ACT Independent Turbo Services Inc. Board member <br />Clausen seconded. <br />Ayes: President Warren, Vice -President Cooksley, Board members <br />Clausen, Woodard and Martin <br />Nays: None <br />Absent: Board members Engelken and Ojeda <br />(b) Discussion or other action authorizing Staff to revise the existing Development Agreement <br />with INEOS — S. Livingston <br />Economic Development Coordinator Scott Livingston presented a summary of INEOS request of a <br />two-year extension of certain deadlines relating to the Ethylene Oxide Project under the Incentive <br />Agreement. <br />Business Development Manager, Steve Reynolds with INEOS advised the board INEOS will <br />provide updates on the project whenever requested by the board. <br />Vice President Cooksley moved to agree to extend the existing Development Agreement with <br />INEOS by modifying the three deadlines as indicated in the commitment letter and setting aside <br />$700,000 for INEOS. Board member Martin seconded. <br />Ayes: President Warren, Vice -President Cooksley, Board members <br />Clausen, Woodard and Martin <br />Nays: None <br />Absent: Board members Engelken and Ojeda <br />4. SET DATE FOR NEXT MEETING — S. Livingston <br />Board members set the next meeting date for Monday, August 11, 2014 and September 22, 2014 <br />for the ACT Project at 5:00 p.m. <br />5. STAFF REPORTS <br />(a) Receive report of the Economic Alliance Houston Port Region — S. Livingston <br />Chad Burke, President/CEO of the Economic Alliance Houston Port Region presented a report. <br />Mr. Burke informed the City of La Porte has had 13 projects, excluding INEOS since 2008, with 727 <br />million dollars and 2 million dollar a year impact to the tax revenues in La Porte. <br />(b) Receive Financial Report — M. Dolby <br />Financial Director Michael Dolby provided a report. <br />(c) Receive report on the recent ICSC (International Council of Shopping Centers) Show held in <br />Las Vegas — S. Livingston <br />This item was moved to the August 11, 2014 meeting. <br />6. BOARD MEMBER COMMENTS regarding matters appearing on agenda; recognition of community <br />members, city employees, and upcoming events; inquiry of staff regarding specific factual <br />information or existing policies. <br />There were no comments. <br />Page 2 of 3 <br />July 14, 2014, La Porte Development Corporation Board Minutes <br />