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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD <br />AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:May 23, 2022 <br />Source of Funds:Special Programs <br />Requested By:Matt Daeumer, Asst. City Manager <br />Department: <br />Account Number:038-6030-565-9997 <br />Amount Budgeted:$200,000 <br />ReportResolutionOrdinance <br />Amount Requested:$30,000 <br />Exhibits:ApplicationSite plan <br />; <br />Budgeted Item:YesNo <br />SUMMARY& RECOMMENDATIONS <br />The applicant, Frank Nance,is interestedin buying his current buildingat 508 W. Main <br />Street and remodeling it to expand his current State Farm Insurance Agency. This will <br />allow him to add three (3) additional full-time positions in the next five (5) years and <br />provide improved services to his customer base. The total requested amount from the <br />City is $30,000 from the Economic Development Incentives Program. <br />This will be a significant remodelof the existing structure which is currently 720 square <br />feet.They will also expand the existing structure to the Northadding an additional 1200 <br />square feetfor a total of 1920 square feet.Aparking lot of 950 square feetwill be <br />added to the North side of the property. They will re-paintthe entire building, update <br />façade siding, signage, canopy and exterior finishes, Thisproject is eligible for $30,000, <br />based on the matrix scorecard,but the Board has the authority to award any amount <br />not to exceed $30,000. <br />Total project budget: <br />Interior Remodeling of 720 sf $ 5,000 <br />North Expansionof1200 sf $ 87,000 <br />North Parking Lot of 950 sf $ 8,000 <br />Re-paint building exterior $ 4,500 <br />Update Façade Siding, Signage $ 5,000 <br />Canopy and Exterior Finishes $20,500 <br />Total $130,000 <br />If the Board was interested in pursuing this project, staff would suggest opening the 60 <br />day public comment period as there would be no requirement to fund the project at the <br />end of 60 days. <br /> <br />