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rd <br />is anticipated to start in the 3quarter of 2013 and should be completed by the third or fourth <br />quarter of 2014. <br />The capital investment will result in a significant increase in olefin production capacity at the <br />plant and will help ensure long-term success for the company by helping it take advantage of the <br />increased demand for various ethane derivatives in the marketplace such as ethylene and olefins. <br />The City will benefit from the significant increase in property tax revenue resulting from <br />increased property improvements, as well as increased sales tax revenue from local purchases <br />during and after construction. The City will also benefit by helping to ensure 400+, high-paying, <br />full-time positions will be maintained at the plant throughout the EZ program period (5-8 years). <br />Staff recommends rescinding Resolution #2013-15and approving the attached resolution to <br />nominate Equistar Chemicals, LP as adoublejumboTexas Enterprise Project. <br />Action Required by Council: <br />Consider approval or other action rescindingResolution #2013-15and approvingthe attached <br />resolution to nominateEquistar Chemicals LP, a subsidiary of Lyondell Chemical Company, as a <br />doublejumbo Texas Enterprise Projectfor the company’s investment and activityrelated to its <br />plant in La Porte. <br />Approved for City Council Agenda <br />Corby D. Alexander,City ManagerDate <br /> <br />