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Ayes: President Warren, Board members Woodard, Clausen Ojeda <br /> and Martin <br /> Nays: None <br /> Absent: Vice-President Cooksley and Board member Engelken <br /> (e) Discussion and possible action authorizing Staff to publish 60-day public notice of a public hearing <br /> to consider awarding an economic development grant to owners of Fischer's Do It Best Hardware <br /> for an amount not to exceed $350,000.00—S. Livingston <br /> Economic Development Coordinator Scott Livingston presented a summary authorizing Staff to <br /> publish 60-day public notice of a public hearing to consider awarding an economic development grant <br /> to owners of Fischer's Do It Best Hardware for an amount not to exceed $350,000.00. <br /> Board member Woodard left the table at 6:24 p.m., and returned at 6:32 p.m. <br /> Board member Clausen asked how long Fischer's Do It Best Hardware has been in business and <br /> how old is the building. Rod Rothermel owner of Fischer's Do It Best Hardware responded 35 years <br /> and informed the building was a Kroger grocery store prior to Fischer's Do It Best Hardware. <br /> Mr. Rothermel introduced himself and advised Board members he and Michael Breaux, also owner <br /> of Fischer's Do It Best Hardware decided due to the growth in La Porte there is a need to expand the <br /> business. Mr. Rothermel also added profits are being invested in the business. <br /> Board member Martin questioned business personal property being a valuation of the property value. <br /> Economic Development Coordinator Scott Livingston responded it is part of the value of the project <br /> and it is taxable property. Board member Martin asked if it is cost or retail value of$450,000.00 for <br /> the purchase of new retail inventory. Mr. Rothermel responded cost. <br /> Board member Ojeda asked other Board members their thoughts on interior furniture, fixtures and <br /> equipment being considered a part of value of the project. Board member Martin commented he does <br /> not think the intent of the economic development grant program is to include inventory but it is to <br /> improve the community. President Warren commented he does not have a problem improving the <br /> building but does have concerns with the number of new jobs being created and the pay-back period. <br /> Board member Martin commented he would be comfortable with an economic development grant not <br /> exceeding$250,000.00. Board member Woodard agreed with Board member Martin and commented <br /> the location is good for beautification in the City. <br /> Board member Ojeda asked Mr. Rothermel if he is the owner of the other two Fischer's Do It Best <br /> Hardware stores and if they have received incentive grants from other cities. Mr. Rothermel <br /> responded they are the owners and have not received incentive grants from the cities. Mr. Rothermel <br /> also added the other two Fischer's Do It Best Hardware buildings are not as old as the building in <br /> La Porte. <br /> Board member Woodard moved to authorize Staff to publish 60-day public notice of a public hearing <br /> to consider awarding an economic development grant to owners of Fischer's Do It Best Hardware for <br /> an amount not to exceed $250,000.00. Board member Martin seconded. MOTION PASSED. <br /> Ayes: President Warren, Board members Woodard, Clausen Ojeda <br /> and Martin <br /> Nays: None <br /> Absent: Vice-President Cooksley and Board member Engelken <br /> Page 4 of 6 <br /> August 26,2015, La Porte Development Corporation Board Minutes <br />