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<br />AGENDA ITEM 5: <br />DISCUSS DEVELOPMENT AGREEMENT WITH 65 LA PORTE, L TD AND <br />PROPOSED DEVELOPMENT AGREEMENT WITH THE CITY OF LA PORTE <br /> <br />As reported earlier, 65 La Porte, Ltd. (Joe Fogarty/Arete) has secured his financing for the <br />development ofthe Lakes at Fairmont Green. The financing does not include the trunk main and <br />offsite lift station improvements. The City's FY05-06 budget includes $705,000 for the <br />expenses related to the construction of the trunk main (although this amount may need to be <br />increased to reflect current projected costs plus engineering). Also, the expenses for the offsite <br />lift station have not been projected yet. <br /> <br />David Hawes and I met with Mr. Fogarty on September 7 to discuss the status ofthe project. <br />Mr. Fogarty indicated he should receive his funding by September 13 and that he would also be <br />meeting with this engineers (Brown & Gay) and authorize them to move forward with the <br />engineering. He was also to secure a projected timeline for their work. <br /> <br />After tonight's discussion and input, City Council will receive a similar presentation at a future <br />Council meeting. After their input, a Development Agreement will be drafted for the Council's <br />and TIRZ/Redevelopment Authority's consideration. <br /> <br />Background information provided: <br /> <br />· Approved Development Agreement with 65 La Porte, Ltd. (Arete) <br />· Estimated costs for the South La Porte Trunk Sewer <br />