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are Goodies and the La Porte- ayshore Chamber of Commerce, The primary reason
<br />for the reduction from three () to two () commercial business was dine to the Chamber
<br />needing an additional 500 sq, ft, of space, thereby only allowing capacity for these two
<br />(2) commercial businesses, Additional changes reduced the number of apartments on
<br />the second floor from three (3) to two (2) dine to a resident requiring 1300 sq, ft, of
<br />space. To -date, the applicant has secured rental tenants for the apartment units, The
<br />initial investment of the applicant was estimated at 00,000; however, once the
<br />development team gathered the necessary documentation for the renovation, this
<br />estimate has increased to $700,000, The total investment will be $850,000, including
<br />land and building at $150,000 and the total renovations.
<br />In addition to a request fear an incentive for this project, the applicant submitted a request
<br />for an enhancement grant in the amount of $50,000, On July 27, 2020, the La Porte
<br />Development Corporation Board approved the enhancement grant in the amount of
<br />0,000 and conducted a public hearing on the incentive project in the amount of
<br />3 ,000 and approved moving forward with the incentive agreement, On August 24,
<br />the La Porte Development Corporation Board will consider the development agreement
<br />attached,
<br />Summairy
<br />In order for Mr. & Mrs. Caimpise to make this project work they submitted for an
<br />additional application (in addition to the incentive grant) for an enhancement grant to
<br />aid in the refurbishiment/renovation of the old bank building at 100 W, Main Street, The
<br />Board approved a $50,000 reimbursement of his projected $850,000 in fagade,
<br />signage, roofing and parking eligible expenses. Dine to this request being in excess of
<br />2 ,000, the application required action by the City Council, which will occur on August
<br />24t. Staff has worked with the applicant and the City ttorney's Office to draft
<br />development agreement concerning the additional funding through an incentive project
<br />for an amount not to exceed $85,000, Below outlines details of this draft development
<br />agreement,
<br />• Total cash incentive of $85,000 with following payment schedule, two payments
<br />of $40,000 and $45,000
<br />a First payment of $40,000, within 30 days of substantial completion of
<br />construction/ renovations. This payment is estimated to occur around
<br />January 2021.
<br />a Second payment of $45,000 when building is occupied with four (4) full-
<br />time jobs (confirmed by documentation from each business stating synch).
<br />The applicant will be responsible for maintaining jobs 5 years after 2nd
<br />payment. This payment is estimated to occur around June 2021.
<br />• Claw -back provisions within the development agreement if the project doesn't
<br />maintain the four (4) jobs for five () years, each year potential claw -back amount
<br />decreases by $17,000,
<br />Also, this iteim will be considered for approval by the La Porte city Council on August
<br />24th. Staff recommends the La Porte Development Corporation Board approve the
<br />
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