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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD <br />AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:July 22, 2019 <br />Requested By: Source of Funds: <br />R. Cramer, Econ. Dev. Coordinator <br />Department: <br />CMO <br />Account Number: <br />Amount Budgeted: <br />ReportResolutionOrdinance <br /> <br /> <br />Amount Requested: <br />Exhibits: <br />Budgeted Item: YesNo <br /> <br />SUMMARY <br />In preparation of the budget for next fiscal year, staff wanted to discuss possible Development <br />Corporation Board funding for certain City capital projects for the upcoming fiscal year. Though these <br />projects are generally one-time expenditures, City Council has directed staff to look for alternative funding <br />sources instead of using General Fund balance. In order to avoid drawing down the City’s General Fund <br />more than necessary, staff is requesting the 4B Board to review the proposed CIP project list for potential <br />funding capabilities. The La Porte Development Corporation has a positive fund balance and the legality <br />to pay for some, if not most of these projects. Staff has also vetted the list of CIP projects. Only those <br />projects that would legally qualify for Development Corporation funding have been included for <br />consideration. <br /> <br />The discussion for the Board is to gauge how interested the Board is in using 4B funds for these projects. <br />RECOMMENDED MOTION <br /> <br />Discuss and provide staff direction on how to move forward with preparation of the EDC budget <br />for fiscal year 2019-2020. <br />Approved for the La Porte Development Corporation Board meeting agenda <br /> <br />Corby D. Alexander, City Manager Date <br /> <br />