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(b) Discussion and possible action regarding an extension of the development agreement between the <br /> La Porte Development Corporation Board and Fischer's Hardware, Inc. —T. Leach <br /> Assistant City Manager Traci Leach presented a summary for denial of the first payment request due <br /> to the minimum capital expenditure amount stipulated in the development agreement not being met <br /> and informed Fischer's Hardware Inc., withdrew their request for an extension to the development <br /> agreement. <br /> Board member Ojeda thanked Assistant City Manager Traci Leach for her work and inspection of <br /> documents presented by Fischer's Hardware Inc. <br /> Assistant City Manager Traci Leach informed Board members that Fischer's Hardware Inc., has been <br /> very cooperative and have four additional benchmarks to meet. <br /> There was no action taken by the Board. <br /> Item D was taken out of order and presented at this time. See item below. <br /> (c) Discussion and possible action regarding proposed FY 2017-2018 budget of the La Porte <br /> Development Corporation Board —T. Leach <br /> Assistant City Manager Traci Leach presented a summary for the proposed FY 2017-2018 budget of the <br /> La Porte Development Corporation Board. Ms. Leach advised Board members of a typo on the agenda <br /> request. The total proposed budget is $1,368,345 more than the FY17 projected year end budget and <br /> not $1,461,145. <br /> There was no action taken. <br /> (d) Discussion and possible action regarding economic development incentive request from LPH <br /> Properties for renovation of former Port Theater—T. Leach <br /> Assistant City Manager Traci Leach advised Board members that citizens were present in the audience <br /> and wish to speak on the item being presented. President Warren asked Board members if they are fine <br /> with the citizens speaking on the item. All Board members were in agreement. <br /> Deb Gallington, owner of Mainly Drinks, 223 W. Main Street, spoke in favor of renovation of the former <br /> Port Theater. <br /> Maggie Anderson, 909 Garden Walk, spoke in favor of renovation of the former Port Theater. <br /> Assistant City Manager Traci Leach presented a summary. <br /> Horace Leopard with LPH Properties provided information and a handout on the proposed improvements <br /> and renovations for the former Port Theater. Mr. Leopard requested the La Porte Development <br /> Corporation Board fund $309,195 for proposed capital improvements of the project. <br /> Jason Leopard with LPH Properties provided information and letters of intent from booking agents with <br /> artists and entertainers expressing an interest in performing at the facility after renovations. <br /> Page 2 of 3 <br /> July 17,2017,La Porte Development Corporation Board Minutes <br />