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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Budget <br />Agenda Date Requested:10 June 2013 <br />Source of Funds: <br />Requested By:Scott D. Livingston <br />Account Number: <br />Department: Administration/Economic Development <br />Amount Budgeted: <br />Report: Resolution:Ordinance: <br />Amount Requested: <br />Exhibit:Incentive Agreement <br />Email regarding Maintenance and Surface Use <br />Budgeted Item:YESNO <br />Exhibit:Easement Agreement <br />SUMMARY & RECOMMENDATION <br />In November 2012, the La Porte Development Corporation Board held a public hearing for an <br />infrastructure incentive request for the proposed Intergulf Corporation world headquarters <br />building, located on the west side of the SH 146 Frontage Road, between C and D streets. <br />Intergulf has requested an incentive amount not to exceed $500,000 to expand the available <br />parking on the property. <br />At the February 2013 EDC meeting, the Board designatedthe incentive request as a project of <br />the La Porte Development Corporation Boardand the Council approved it as well. Since that <br />time, staff has been working with Intergulf to draft the incentive agreement outlining the <br />obligations of all parties. <br />The incentive agreement is now ready for Board approval. The agreement sets forth two <br />payments-one after the completion of the drainage improvements and the second payment after <br />Intergulf has provided the Board verification of the capital investment and jobs. The agreement <br />also lays the groundwork for a future surface use easement that grants Intergulfa perpetual <br />parking easement on the surface of this property to enjoy in perpetuity, but reserving to the City <br />the right to disrupt the surface, at Intergulf’s expense, to maintain the subsurface drainage <br />facilities. The surface use agreement will follow the land, not the incentive agreement, so that <br />any future owner of the property will be bound to the same maintenance obligations for the <br />surface parking. <br />Action Required by La Porte Development Corporation: <br />None <br />Approved for La Porte Development CorporationAgenda: <br />Corby D. Alexander,City ManagerDate <br /> <br />