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

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and proof of expenses paid. and proof of expenses paid. Edwin Brotamonte is prepared to give a brief presentation regarding this project and Edwin Brotamonte is prepared to give a brief presentation regarding this project and address any questions the Board might have about this proposed project. address any questions the Board might have about this proposed project. Under the current ByUnder the current By-- Laws, this proposed project would also need to go before the City Council for approval, Laws, this proposed project would also need to go before the City Council for approval, since the amount of the Enhancement Grant is greater than $25,000. Under advice from Assistant City Attorney since the amount of the Enhancement Grant is greater than $25,000. Under advice from Assistant City Attorney Clark Askins, a new development agreement, a form of which is intended to be used with each future project Clark Askins, a new development agreement, a form of which is intended to be used with each future project under the La Porte Enhancement Grant Program, was created and executed as part of this application (exhibit under the La Porte Enhancement Grant Program, was created and executed as part of this application (exhibit attached). Considering the Boardattached). Considering the Boards interest in possibly including the interior work and expenditures as a necessary s interest in possibly including the interior work and expenditures as a necessary condition for receiving the enhancement grant, staff has also provided a second development agreement (i.e. condition for receiving the enhancement grant, staff has also provided a second development agreement (i.e. Option B) that requires completion of the interior work for receipt of the enhancement grant. Option B) that requires completion of the interior work for receipt of the enhancement grant. Should the Board choose to not approve this project, please consider revising the guidelines of the La Porte Should the Board choose to not approve this project, please consider revising the guidelines of the La Porte Enhancement Grant Program to exclude Enhancement Grant Program to exclude apartment complexesapartment complexes, , and any other types of businesses, which the and any other types of businesses, which the Board may wish to exclude from participation in the program. Board may wish to exclude from participation in the program. Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: Consider approval or other action authorizing an enhancement grant in an amount not to exceed $42,057.86 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 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 apartment building complex located at 315 N. 2nd Street, with payment to be remitted at the completion of the project - S. Livingston. S. Livingston. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate