09-22-14 Regular Meeting of La Porte City Council

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REQUEST FOR CITY COUNCIL AGENDA ITEMREQUEST FOR CITY COUNCIL AGENDA ITEM September 22, 2014September 22, 2014AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: Source of Funds:Source of Funds: Scott Livingston Scott Livingston Requested By: Account Number:Account Number: Economic Development/Tourism Economic Development/Tourism Department: Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: Amount Requested:Amount Requested: Other:N/A N/A Budgeted Item:Budgeted Item:YESYESNONO Attachments :Attachments : 1. Business Overview, ACT Independent Turbo1. Business Overview, ACT Independent Turbo 2. Incentive Request, ACT Turbo2. Incentive Request, ACT Turbo 3. Facts and Figures3. Facts and Figures 4. LPDC Project Score Card4. LPDC Project Score Card 5. ACT Turbo, Public Hearing Affidavit5. ACT Turbo, Public Hearing Affidavit SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS (ACT) is a fast growing company that specializes in industrial gas (ACT) is a fast growing company that specializes in industrial gas ACT Independent Turbo Services, Inc.ACT Independent Turbo Services, Inc. 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 in the market. Based upon the successes over the 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 facilities will be required to keep up with the demand for ACTdemand for ACTs service offerings. Company management believes that consolidating and relocating all service s service offerings. Company management believes that consolidating and relocating all service 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. However, a significant cost difference exists between expanding at ACTdifference exists between expanding at ACTs existing location in Houston versus relocating to La Porte. In order s existing location in Houston versus relocating to La Porte. In order 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 La Porte, ACT requests economic assistance in the amount ofassistance in the amount of.. $450,000 $450,000 Public Hearing PostingPublic Hearing PostingPublic Hearing PostingPublic Hearing Posting 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. The 4B Board authorized staff to post 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 5:00 pm on 22 September 2014 to consider awarding an economic development grant for this project. Public notice for tonightan economic development grant for this project. Public notice for tonights public hearing was posted on 17 July s public hearing was posted on 17 July 2014. Proposed Expansion HighlightsProposed Expansion Highlights If ACT relocates to La Porte, it will:If ACT relocates to La Porte, it will: 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 $6.6 million$6.6 million follows: Invest in new building construction as follows: in new building construction as follows: $3.6 million$3.6 million