03-09-15 Regular Meeting of La Porte City Council

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REQUEST FOR LA PORTE CITY COUNCIL AGENDA ITEM Agenda Date Requested: 9 March 2015 Requested By: Scott D. Livingston Department: Admiaistr-atieniEeonomieDes,elepment- Report: Resolution: XX Ordinance: Exhibit: Current Bylaws of the LaPorte Dev, Corn, Exhibit: Reauested Revisions to Section 5.04 of the LPDC's Bylaws Budget Source of Funds: N/A Account Number: N/A Amount Budgeted: N/A Amount Requested: N/A Budgeted Item: YES (NO) Exhibit: Resolution to AUnrove Changes to the LPDC's B y-Laws SUMMARY & RECOMMENDATION Staff requested the City of La Porte Development Corporation Board of Directors consider approval of a proposed revision to Section 5.04 of the Bylaws of the City of La Porte Development Corporation that would allow the Board of Directors to approve individual enhancement grant requests for an amount not to exceed $25,000 without prior or additional City Council approval. The proposed revision will simplify and accelerate the approval process for applicants to the La Porte Enhancement Grant Program. All other revisions to Section 5.04 are being recommended only to clean up the language in that Section. The current language of Section 5.04 is provided here: "The Board of Directors shall obtain prior City Council approval of all real estate acquisitions, real estate leases for over one year and or any long-term leases; contracts, expenditures, or debts over $15,000.00; and bond issues or other debt extending beyond one year. The Board of Directors shall have the authority to enter into all other budgeted transactions without prior City Council approval. Amendments to the budget must be approved by the City Council." The suggested revised language for Section 5.04 is highlighted in yellow and/or shown as a strikethrough: "The Board of Directors shall obtain prior City Council approval of all real estate acquisitions, real estate leases fef eN,e exceeding one year and/or any letig tefffl other leases fef eN,e exceeding one year; all bond issues or other debt extending beyond one year; and, contracts, expenditures, or debts over $15,000.00. The Board of Directors shall have the authority to enter into all other budgeted transactions without prior or additional City Council approval. Notwithstanding the foregoing, the Board of Directors shall have the authority to approve all budgeted Enhancement Grant expenditures Requests for an amount equal to or less than $25,000, without