10-28-19 Regular Meeting of the La Porte City Council

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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: October 28, 2019 Requested By: Corby Alexander, City Manager Department: CMO ' Report Ir' Resolution " Ordinance Exhibits: Chapter 380 Agreement Confirmed investment schedule Certificate of occupancy Appropriation Source of Funds: Special Programs Account Number: 001-6030-510.99-97 Amount Budgeted: $179,705.97 Amount Requested: $39,145.37 Budgeted Item:; Yes No SUMMARY On March 27, 2017, the City Council entered into a Chapter 380 Agreement with Oakland Land & Development, Inc. for the development of Sector 23. Sector 23 is a development in the area north of Kroger, east of 16th, and south of D Street. The City agreed to reimburse up to $362,457.94 the developer paid to abandon City right-of-way in exchange for $12,000,000 of capital investment in buildings over 3,000 square feet in size. • On July 10, 2017, the City Council approved the first payment of $66,547.28 towards the $362,457.94 total. • On April 23, 2018, the City Council approved payment of $96,558.79 for the buildings at 631 S. 14th Street and 1306 W. F Street. • On January 14, 2019, the City Council approved payment of $19,645.90 for the building at 605 S. 16th St. Staff has been able to confirm $1,295,997.23 of spending for the building at 601 S. 14th Street, which makes the applicant eligible for $39,145.37, as the confirmed spending is 10.799977% of the total required and $39,145.37 is that percentage of the total amount to be reimbursed. City staff have verified that the developer has received a Certificate of Occupancy for this latest parcel on October 1, 2019. To -date, this brings the total confirmed investment of all buildings up to $7,303,144.31. RECOMMENDED MOTION As appropriate to provide direction to staff. Should the desire be to adopt the policy as presented. I move to approve the payment of $39,145.37 to Oakland Land and Development.