01-11-16 Meeting of the La Porte Development Corporation Board of Directors

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Board member Woodard moved to amend the Bylaws and increase authorized expenditures up to $50,000.00. Board member Ojeda seconded. MOTION PASSED UNANIMOUSLY 7/0. 4 (a) Consider approval or other action authorizing an enhancement grant in an amount not to exceed $42,057.86 payable to Brotamonte Asset 1, LLC., and associated development agreement, for infrastructure improvements to apartment building complex located at 315 N. 2nd Street with payment to be remitted at the completion of the project — S. Livingston Economic Development Coordinator Scoff Livingston presented a summary. Edwin Brotamonte provided a presentation on the project. Board member Woodard moved to approve Option A, Traditional for an enhancement grant in an amount not to exceed $42,057.86 payable to Brotamonte Asset 1, LLC., and associated development agreement, for infrastructure improvements to apartment building complex located at 315 N. 2nd Street with payment to be remitted at the completion of the project. Board member Ojeda seconded. MOTION PASSED. Ayes: Vice -President Cooksley, Board members Woodard, Engelken and Ojeda Nays: President Warren, Board members Martin and Clausen Absent: None (b) Consider approval or other action authorizing an incentive grant in an amount not to exceed $250,000.00 payable to Fischer's Hardware, Inc., and associated development agreement, for infrastructure improvements to property located at 1010 S. Broadway, Street, with payment to be remitted at the completion of the project - S. Livingston Economic Development Coordinator Scott Livingston presented a summary and advised Fischer's Hardware, Inc., estimates $611,559.28 investment to upgrade and request an incentive grant not to exceed $250,000.00. Board member Woodard moved to give to the project 25% of $611,559.28 payable to Fischer's Hardware, Inc., and associated development agreement, for infrastructure improvements to property located at 1010 S. Broadway, Street, with payment to be remitted at the completion of the project. Board member Martin seconded. MOTION PASSED. Ayes: President Warren, Vice -President Cooksley, Board members Woodard, Clausen and Martin Nays: Board members Ojeda and Engelken Absent: None (c) Consider approval or other action to adopt proposed amendments to the By -Laws of the La Porte Development Corporation and forward proposed amendments to the corporation's by-laws to the City Council for consideration — S. Livingston Authorization Item c was taken out of order. See item above. SET DATE FOR NEXT MEETING Board members set the next meeting date for Monday, February 8, 2016, and Monday, March 14, 2016, at 5:00 p.m. Page 2 of 3 January 11, 2016, La Porte Development Corporation Board Minutes