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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:7/24/12 <br />Source of Funds: <br />Requested By:Traci Leach <br />Account Number: <br />Department:CMO <br />Amount Budgeted: <br />Report:xResolution:Ordinance: <br />Amount Requested: <br />Exhibits: <br />Budgeted Item:YES NO <br /> <br />SUMMARY & RECOMMENDATION <br />Pursuant to the Settlement Agreement between the City and the Economic Alliance Houston Port <br />Region, the City agreed to pay the Alliance $65,000 in full and final consideration of all credits <br />owed under the previous lease agreement and enter into a 6-year membership agreement at <br />$20,000 per year, subject to annual appropriation and approval by the Council. <br />The payment for credits owed was funded in the General Fund and the payment for the 2012-13 <br />membership should have also been funded through the General Fund.However, after the <br />discussion on this matter at the July 16 Development Corporation Board meeting, staff verified <br />that the $20,000 payment to the Alliance for the 2012-13 membership on July 6 was funded in <br />the Economic Development Corporation Fund (Fund 038) in error.This payment should have <br />been paid through the General Fund, similar to what was done for the lump sum $65,000 <br />payment for the credits owed. <br />from Fund 038 to <br />The budget has been corrected to include the$20,000 payment to the Alliance <br />Fund 001 <br />in the quarterly budget amendment that was approved at the July 23 Council meeting. <br />The Economic Development fund will not be affected forFY 2012-13 for this item. <br />Action Required by Development Corporation: <br />Receive staff report. <br />Approved for La Porte Development Corporation Agenda <br />Corby D. Alexander, City Managerdate <br /> <br />