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

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Add new flower beds and landscaping, including a block flower bed at the bottom of the exterior sign pole and add stucco finish to match the building. The development agreement outlines the requirements that must be met in order for Fischers to receive each of the five incentive payments. The performance benchmarks are as follows: PaymentTimelinePayment Details Pro-Rata Eligible? Amount $62,889.82 Documents must Documentation of capital expenditures Yes- pro rata threshold is 1 be submitted by of at least $611,559 for the scope of $550,000 in capital February 28, work outlined above. expenditures. Incentive amount 2017 determined by percentage of $611,559 documented. 2$15,000 Documents must Addition of 4 full-time and 3 part-time No. be submitted by employees. If Fischers does not meet February 28, requirements for Payment 1, it is NOT 2017 eligible to receive Payment 2. 3$75,000 Three years from Increased sales tax revenue of at least Yes- pro rata threshold is 15% issuance of final 20% from the Base Year sales tax increase in sales tax revenues. COrevenues. Eligible for $25,000 Incentive amount determined max/year for three years by percentage of 20% increase documented. As a direct result of this expansion and the associated improvements, the project principals anticipate that the taxable retail sales may increase by as much as 15-20%. In addition, the project principals are planning to hire 7 to 10 new employees as a result of this expansion. Of these new employees, 4 to 5 will be full time and the remaining will be part-time employees. 3 to 4 of the full time employees will be categorized as management. Other benefits of this proposed project include: Redevelopment and beautification of a prime corner in town, Opportunity to encourage local business expansion, Locally owned business with deep roots in in La Porte, and Opportunity to encourage the ongoing viability of this business anchor at a prime location in La Porte. Action Required by the La Porte City Council: Consider approval or other action authorizing expenditure by the La Porte Development Corporation for an incentive grant in an amount not to exceed $152,889.82, payable to Fischer's Hardware, Inc., for infrastructure improvements to property located at 1010 S. Broadway Street. Approved for the La Porte City Council Agenda 2