08-24-20 Regular Meeting of the La Porte City Council

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initial Since the February 24th meeting, the applicant has moved further along on this project and has made some changes to the initial project. Currently, the applicant has secured agreements with two (2) tenants to occupy the first floor of this building. These tenants are Goodies and the La Porte-Bayshore Chamber of Commerce. The primary reason for the reduction from three (3) to two (2) commercial business wasdue to the Chamber needing an additional 500 sq. ft. of space, thereby only allowing capacity for these two (2) commercial businesses. Additional changes reduced the number of apartments on the second floor from three (3) to two (2) due to a resident requiring 1800 sq. ft. of space. To-date, the applicant has secured rentaltenantsfor the apartment units. The initial investment of the applicant was estimated at $500,000; however, once the development team gathered the necessary documentation for the renovation, this estimate has increased to $700,000.The total investment will be $850,000, including land and building at $150,000 and the total renovations. Summary Mr. & Mrs. Campise have filed an application (in addition to the incentive grant)for an enhancement grant to aid in the refurbishment/renovation of the old bank building at 100 W. Main Street. The applicant is requesting a $50,000 reimbursement forfaçade, signage, roofing and parking eligible expenses.Staff recommends City Council approving the $50,000 enhancement grant for the project of Marty & Vicki Campise at 100 W. Main Street in La Porte, Texas. ACTION REQUIRED BY CITY COUNCIL Consider, discuss and possibly act upon an enhancement grant in the amount of $50,000 for the application by Marion (Marty) and Vicki Campise for the refurbishment/renovation of the old bank building located at 100 W. Main Street in La Porte, Texas. Approved for the City Council meeting agenda Corby D. Alexander, City ManagerDate