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Excluding the impact of the seventyExcluding the impact of the seventy--three (73) new jobs to be relocated to La Porte, three (73) new jobs to be relocated to La Porte,
<br />each each
<br />
<br /> this project would this project would contribute approximately contribute approximately of new, annual property of new, annual property
<br />yeardirectlydirectly$42,600$42,600
<br />tax revenue to the City of La Porte.tax revenue to the City of La Porte.
<br />Please refer to Please refer to Project Facts and FiguresProject Facts and Figuresand the and the
<br />LPDC Project Score Card LPDC Project Score Card --10 September 201410 September 2014((enclosed) for payback figures.enclosed) for payback figures.
<br />
<br />Demand for Capital, Other Projects, and PrioritiesDemand for Capital, Other Projects, and Priorities
<br />
<br />According to the enclosed monthly financial reports, the 4B Board currently has approximately According to the enclosed monthly financial reports, the 4B Board currently has approximately
<br />
<br />$933,155$933,155
<br />available at its discretion to use for new economic development projects. According to the same financial reports, available at its discretion to use for new economic development projects.
<br />According to the same financial reports,
<br />the 4B Boards projected fund balance, assuming that no additional funds are committed to new projects, by 30 s projected fund balance, assuming that no additional funds are committed
<br />to new projects, by 30
<br />September 2014 is September 2014 is . .
<br />$1,347,674$1,347,674
<br /> It is important to note that, while staff has not yet formally received additional incentive requests from developers, It is important to note that, while staff has not yet formally
<br />received additional incentive requests from developers,
<br />there are several projects for which an incentive has been discussed. These projects range from redevelopment there are several projects for which an incentive has been discussed.
<br />These projects range from redevelopment
<br />of existing retail space to new business attraction. of existing retail space to new business attraction.
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<br />Staff RecommendationStaff Recommendation
<br />
<br />Earlier this evening the La Porte Development Corporation considered an incentive award to ACT Turbo. At the Earlier this evening the La Porte Development Corporation considered an
<br />incentive award to ACT Turbo. At the Earlier this evening the La Porte Development Corporation considered an incentive award to ACT Turbo. At the Earlier this evening the La Porte
<br />Development Corporation considered an incentive award to ACT Turbo. At the
<br />time this agenda item was developed, action by the Board had not been taken and thus, specifics regarding a time this agenda item was developed, action by the Board had not been taken
<br />and thus, specifics regarding a
<br />recommendation are not included here. However, should the La Porte Development Corporation approve an recommendation are not included here. However, should the La Porte Development
<br />Corporation approve an
<br />incentive grant exceeding $15,000 at the September 22, 2014 meeting, this item was placed on the agenda to incentive grant exceeding $15,000 at the September 22, 2014 meeting, this item
<br />was placed on the agenda to
<br />streamline the approval process, which is required by Corporation bylaws, for the applicant, ACT Turbo. If the streamline the approval process, which is required by Corporation bylaws,
<br />for the applicant, ACT Turbo. If the
<br />Board approves an incentive, staff recommends Council approval of the appropriation.Board approves an incentive, staff recommends Council approval of the appropriation.
<br />Action Required of Council:Action Required of Council:
<br />Consider approval or other action awarding an economic incentive grant to ACT Independent Turbo Services, Inc. Consider approval or other action awarding an economic incentive grant
<br />to ACT Independent Turbo Services, Inc.
<br />and authorize staff to create a development agreement. and authorize staff to create a development agreement.
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