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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Budget <br />Agenda Date Requested: 22September2014 <br />Source of Funds: N/A <br />Requested By: Scott D. Livingston <br />Account Number: N/A <br />Department: Administration/Economic Development <br />Amount Budgeted:N/A <br />Report: Resolution: Ordinance: <br />Amount Requested: N/A <br />Exhibit:Business Overview, ACT Independent Turbo <br />Budgeted Item:YES NO <br />Exhibit: Incentive Request, ACT Independent Turbo <br /> <br />Exhibit: Facts and Figures__________________________ <br />Exhibit: LPDC Project Score Card, 10Sept.2014 <br />ACT Turbo, Public Hearing Posting Affidavit_ <br />Exhibit: <br />SUMMARY <br />ACT Independent Turbo Services, Inc. <br />(ACT)is a fast growing company that specializes in <br />industrial gas turbine overhaul and repair and has positioneditselfas a leader in the market. <br />Based upon the successes over the last couple of years, increases in production capacity and <br />expanded facilities will be required to keep up with the demand for ACT’s service offerings. <br />Company management believes that consolidating and relocating all service offerings to La Porte <br />will benefit the business, employees, and the community. However, asignificant cost difference <br />exists between expanding at ACT’s existinglocation in Houston versus relocating to La Porte. <br />In order to assist ACT in the proposed relocationof its Main Production facility to La Porte, <br /> $450,000 <br />ACT requests economic assistance in the amount of. <br />Public Hearing Posting <br />On 14 July 2014, staff presented this proposed project to the 4B Board. The 4B Board <br />authorized staff to post public notice for at least sixty (60) days of a public hearing at 5:00 pm on <br />22 September 2014 to consider awarding an economic development grant for this project. Public <br />notice for tonight’s public hearing was posted on 17 July 2014. <br />Proposed Expansion Highlights <br />If ACT relocates to La Porte, it will: <br />$6.6 million <br />Invest a total, estimated taxable value of in property and business personal <br />property as follows: <br />$3.6million <br />Invest in new building construction as follows: <br />o <br /> <br />