10-24-16 Meeting of the La Porte Development Corporation Board of Directors

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Budget Agenda Date Requested: October 24 2016 Source of Funds: CIP #015-9892-993 Requested By: Traci Leach Account Number: Department: Administration/Economic Development Amount Budgeted: $221,105.48 Report: Resolution: Ordinance: Amount Requested: $2,950.00 Exhibit: Project Application Budgeted Item: YES NO Exhibit: Project Quotes Exhibit: Development Agreement – Signed Exhibit: Project Worksheet SUMMARY & RECOMMENDATION Staff reviewed an Enhancement Grant Application from Deborah S. Bernay, O.D., dba of La Porte Vision Center at 401 W. Fairmont Parkway in La Porte, Texas. The applicant collected bids to complete one project. For each project for a value equal to or greater than $2,000, the applicant collected three bids. The proposed project is as follows: 1) Install new outdoor signage to building -- $5,900.00 TOTAL $5,900.00 As a result of the lowest bids for each project, the total expenditure proposed to be made by the applicant is estimated to be $5,900.00. Fifty percent of this sum is $2,950. Please refer to the “Bid Sheet Summary” for project bid details. In the Budget block at the top of the page, $221,105.48 represents the amount of uncommitted funds in the enhancement grant account and includes commitments of $7,559.73 for The Gates. The applicant is available to address any questions the Board may have about this proposed project. Action Required by the La Porte Development Corporation: Consider approval or other action to authorize President Richard Warren to sign and execute a development agreement with “Deborah S. Bernay, O.D.” (dba La Porte Vision Center) for an enhancement grant for an amount not to exceed $2,950.00 to be awarded at the completion of the project. Approved for the La Porte Development Corporation Agenda Corby D. Alexander, City Manager 38