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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEM <br />Agenda Date Requested: July 14, 2014 <br />Requested By: Scott D. Livingston <br />Department: Economic Development/Tourism <br />Report: ' Resolution:'' Ordinance: '' <br />Exhibits: <br />1. Business Overview, ACT Independent Turbo <br />2. Incentive Request, ACT Independent Turbo <br />3. LPDC Project Score Card, July 1, 2014 <br />Appropriation <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: C YES C NO <br />SUMMARY & RECOMMENDATIONS <br />ACT Independent Turbo Services, Inc. (ACT) is a fast growing company that specializes in industrial gas turbine <br />overhaul and repair and has positioned itself as a leader in the market. Based upon the successes over the last <br />couple of years, increases in production capacity and expanded facilities will be required to keep up with the <br />demand for ACT's service offerings. Company management believes that consolidating and relocating all service <br />offerings to La Porte will benefit the business, employees, and the community. However, a significant cost <br />difference exists between expanding at ACT's existing location in Houston versus relocating to La Porte. In order <br />to assist ACT in the proposed relocation of its Main Production facility to La Porte, ACT requests economic <br />assistance in the amount of $450,000. <br />Proposed Expansion Him <br />If ACT relocates to La Porte, it will: <br />Invest a total, estimated taxable value of $6.6 million in property and business personal property as follows: <br />. Invest $3.6 million in new building construction as follows: <br />. 15,000 square foot office, <br />■ 33,000 square foot, crane served industrial building, <br />. Relocate $2 million of existing equipment and inventory, <br />. Purchase $1 million in new equipment, <br />Relocate seventy-three (73) full time employees from its existing location at Hobby Airport in Houston. <br />Note: Seven (7) full time employees are already working at ACT's facility in La Porte. <br />Start the project in September of 2014 and finish the relocation by the end of 2015. <br />Personnel Information <br />