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the applicant. As a reminder, property tax and mixed beverage sales tax are not <br />revenue producers for the La Porte Development Corporation. Only sales tax on <br />non-alcoholic items (food and drinks) would increase the revenue sources for <br />the LPDC. After entering data into the matrix, the applicant would qualify for an <br />incentive of $27,308. Again, the matrix is subjective based on my assumptions; <br />therefore, this amount could be adjusted slightly up or down. <br /> <br />Included in this agenda is a development agreement with the following three payment <br />benchmarks: <br /> <br />1. A $10,000 payment upon proof of capital investment of at least $50,000, <br />exclusive of land purchase. The developer will also have to obtain a Certificate <br />of Occupancy no later than February 28, 2022. <br />2. A $10,000 payment upon proof of 5 full-time employees or full-time equivalent <br />employees and an additional $93,000 in capital investment exclusive of land <br />costs. Employment number must be met each year for the following five years. <br />3. A $7,308.00 payment upon proof of alcohol beverage sales of not less than <br />$250,000 in the first 12 months of operation and proof of an additional $93,000 <br />in capital investment. <br /> <br />La Porte Development Corporation expenditures greater than $15,000 require City <br />Council approval. <br /> <br />ACTION REQUIRED BY CITY COUNCIL <br />Consider, discuss, and possible action to approve La Porte Development <br />Corporation expenditure pursuant to the development agreement with Mark <br />Rosado, providing financial incentive in an amount not to exceed $27,308 for the <br />construction of Battleground Saloon. <br /> <br /> <br />