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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Agenda Date Requested: March 25.2019 <br />Requested By: Ryan Cramer, Econ. Dev. Coordinator <br />Department: Administration <br />Report: Resolution: Ordinance: <br />Exhibit: Application <br />Exhibit: <br />Budget <br />Source of Funds: 4B <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: $700,000 <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />As discussed at the February 25, 2019 4B Board meeting, `Project G' is a German company looking to develop <br />in the Battleground Industrial District for the purpose of manufacturing styrene monomers. <br />The company projects to spend $840 million on construction, of which $331 million will be permanent <br />improvements. The company plans to start construction in the third quarter of 2020, with beginning operations <br />in the third quarter of 2023. Also, the company anticipates hiring 74 employees with an average wage of $111,550 <br />per year, which provides the La Porte area an influx of good paying jobs. <br />Based upon matrix calculations, the applicant could be eligible for incentives up to $700,000 upon meeting and <br />maintaining certain valuations and hiring levels. <br />Action Required by the La Porte Development Corporation: <br />Approve or take other action as it relates to approving an incentive deal for Project G. <br />Approved for the La Porte Development Corporation Agenda <br />Corby D. Alexander, City Manager <br />