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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Budget <br />Agenda Date Requested:February 25, 2013 <br />Source of Funds: <br />Requested By: Traci Leach <br />Account Number: <br />Department: Administration <br />Amount Budgeted: <br />Report: Resolution:Ordinance: <br />Amount Requested: <br />Exhibit:Site Map <br />Budgeted Item:YESNO <br />Exhibit:Intergulf Letter of Request <br />Exhibit: Incentive Facts and Figures <br />SUMMARY & RECOMMENDATION <br />In October 2012, the La Porte Development Corporation Board of Directors was approached by <br />Intergulf Corporation to consider an incentive for a proposed headquarters building on the west <br />side of SH 146 between C and D Streets. The company requested an incentive amount of <br />$500,000 to assist in the construction of drainage and parking lot improvements that would <br />accommodate future growth for the company. The Board held a public hearing in November and <br />designated the incentive as a “project” of the Development Corporation Board. At the <br />conclusion of the 60-day period, no qualified petition in opposition to the project had been <br />received. <br />The Board conducted a final meeting on February 12, 2013 and approved funding for the project <br />in an amount not to exceed $500,000. Pursuant to EDC Bylaws, this item is being presented to <br />Council for approval, as it is over $15,000. <br />Action Required by Council: <br />Consider approval or other action to affirm the La Porte Development Corporation’s approval of <br />an incentive grant to IntergulfCorporation in an amount not to exceed $500,000. <br />Approved for City Council Agenda <br />Corby D. Alexander, City ManagerDate <br /> <br />