01-25-16 Regular Meeting of La Porte City Council

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REQUEST FOR LA PORTE CITY COUNCIL AGENDA ITEM Budget Agenda Date Requested: 25 January 2016 Source of Funds: La Porte Dev. Corp. Requested By: Scott D. Livingston Account Number: General Fund Department: Administration/Economic Development Amount Budgeted: N/A Report: Resolution: Ordinance: Amount Requested: $152,889.82 Exhibit: Project Introduction - Revised Budgeted Item: YES NO Exhibit: Project Presentation, 11 January 2016 Exhibit: New Incentive Guidelines, 11 Nov. 2015 Exhibit: Project Math Exhibit: Development Agreement for Fischers Hardware - Signed Exhibit: Public Hearing Notice, 3 Sept. 2015, BAO Exhibit: Tax Records SUMMARY AND RECOMMENDATION: On Monday, 11 January 2016, the LPDC Board voted to approve an incentive grant and a proposed development agreement with Fischers Hardware, Inc. for an amount not to exceed $152,889.82 25% of $611,559.28, which is . The owners of Fischers Hardware are planning to $611,559.28 invest to expand the hardware store on the northwest corner of W. Fairmont Parkway and S. Broadway. This amount does not include any capital to purchase new retail inventory. Fischers is proposing to complete the following projects: Remove the existing metal fascia on the entire perimeter of the building, Install a new framework and new stucco fascia panels, Remove the awning from the southwest side of the building, Install kneewall stone fascia, Install a black wrought iron fence, Add paint and signage to the new structures, Remove the block wall between the existing build and Little Jacks to increase square footage by 15,000 square feet, Add new, interior fixtures & lumber fixtures for expansion, Add new, interior signage and fixtures, Repaint the pole sign and add new graphic signage. Re-seal and re-stripe the parking lot, Re-pave the area which is currently covered on the south side of the building, and 1