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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD <br />AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:August 22, 2022 <br />Source of Funds:038 EDC <br />Requested By:Matt Daeumer, Asst. City Mgr. <br />Department:Administration/CMO <br />Account Number:Various <br />Amount Budgeted:N/A <br />ReportResolutionOrdinance <br />Amount Requested: <br />Exhibits:Proposed FY 2021-22Budget <br />Budgeted Item:YesNo <br />SUMMARY <br />The La Porte Development Corporation fiscal year 2022-23proposed budget has been <br />reviewed by the CitThe expenditure budget for next <br />fiscal year has been prepared with a $784,741(25%)increasefrom the current fiscal <br />yearbudget. This is due to decreasedtransfersto CIP than the previous yearalong <br />with a decrease in Special Programs. Generally, the EDC Fund transfers money to the <br />Debt Service Fund annually in the amount of $750,000 to $1 million. In FY 2025-26, <br />thistransfer will decrease to approximately $150,500 toservice debt payments. <br />Staff hasproposed tobudgetfor continuation of the membership in vital key <br />organizations within the Houston area such as Bay Area Houston Economic <br />Partnership (BAHEP) and Economic Alliance as well as the International Center for <br />Shopping Centers (ICSC). Generally, the Economic Development Coordinator attends <br />the Texas Municipal League (TML) and the Texas Economic Development Council <br />(TEDC) conference. CityCouncil has approved thecontinuation of the Harris County <br />Transit services provided to residents in La Porte, which is funded by LPDC. Staff has <br />included funding for mid-year advertising opportunities as well as funds to attend trade <br />shows, likethe Red River & ICSC conferences. As discussed previously with theBoard, <br />staff has included funding for any mid-year incentive opportunities. <br />The La Porte City Council had a pre-budget retreat earlier this year and asked for staff <br />to move forward with a list of several quality of life projects. Additionally, during the <br />budget preparation, staff noted several other quality of life amenities that can be <br />grouped together with these projects. A Total of $2,825,000for quality of life amenity <br />projectsand mid-year incentive opportunities is being requested to be funded by the <br />Board for FY 2022-23: <br />Golf Course Fencing Project -$475,000 <br />Golf Course Pond Remediation -$150,000 <br />Golf Course Land Acquisition -$350,000 <br /> <br />