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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA <br />ITEMITEM <br />September 22, 2014September 22, 2014AppropriationAppropriation <br />Agenda Date Requested:Agenda Date Requested: <br />N/A N/A <br />S. Livingston S. Livingston Source of Funds:Source of Funds: <br />Requested By:Requested By: <br />N/A N/A <br />Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: <br />Department: <br />N/A N/A <br />Amount Budgeted:Amount Budgeted: <br />Report:Resolution:Resolution:Ordinance:Ordinance: <br />N/A N/A <br />Amount Requested:Amount Requested: <br />Exhibits: <br />Budgeted Item:Budgeted Item:YESYESNONO <br />SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS <br />  <br /> (ACT) is a fast growing company that specializes in industrial gas (ACT) is a fast growing company that specializes in industrial gas <br />ACT Independent Turbo Services, Inc.ACT Independent Turbo Services, Inc. <br />turbine overhaul and repair and has positioned itself as a leader in the market.  Based upon the successes over the turbine overhaul and repair and has positioned itself as a leader <br />in the market.  Based upon the successes over the <br />last couple of years, increases in production capacity and expanded facilities will be required to keep up with the last couple of years, increases in production capacity and expanded <br />facilities will be required to keep up with the <br />demand for ACTdemand for ACT’’s service offerings.  Company management believes that consolidating and relocating all service s service offerings.  Company management believes that consolidating <br />and relocating all service <br />offerings to La Porte will benefit the business, employees, and the community.  However, a significant cost offerings to La Porte will benefit the business, employees, and the community. <br /> However, a significant cost <br />difference exists between expanding at ACTdifference exists between expanding at ACT’’s existing location in Houston versus relocating to La Porte.  In order s existing location in Houston <br />versus relocating to La Porte.  In order <br />to assist ACT in the proposed relocation of its Main Production facility to La Porte, ACT requests economic to assist ACT in the proposed relocation of its Main Production facility to <br />La Porte, ACT requests economic <br />assistance in the amount ofassistance in the amount of.. <br /> $450,000 $450,000 <br />  <br />Public Hearing PostingPublic Hearing Posting <br />  <br />On 14 July 2014, staff presented this proposed project to the 4B Board.  The 4B Board authorized staff to post On 14 July 2014, staff presented this proposed project to the 4B Board.  <br />The 4B Board authorized staff to post <br />public notice for at least sixty (60) days of a public hearing at 5:00 pm on 22 September 2014 to consider awarding public notice for at least sixty (60) days of a public hearing at <br />5:00 pm on 22 September 2014 to consider awarding <br />an economic development grant for this project.  Public notice for tonightan economic development grant for this project.  Public notice for tonight’’s public hearing was posted on 17 <br />July s public hearing was posted on 17 July <br />2014. <br />  <br />Proposed Expansion HighlightsProposed Expansion Highlights <br />  <br />If ACT relocates to La Porte, it will:If ACT relocates to La Porte, it will: <br />  <br />Invest a total, estimated taxable value of Invest a total, estimated taxable value of in property and business personal property as in property and business personal property as <br />$6.6 million$6.6 million <br />follows: <br /> <br />