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Due to several delays in starting and performing the work, the applicant had not been <br />able to satisfy the requirements of the 1st benchmark. At the April 26, 2021 LPDC Board <br />and City Council meeting, the Board and Council approved an amended and restated <br />development agreement by extending the first benchmark to May 15, 2021. <br /> <br />Staff has been in close contact with the applicant. While, the applicant has been working <br />very diligently, at the time of this report it is unlikely that substantial completion will be <br />reach when commonly used <br />and understood term in the construction industry, which means the point where the <br />owner can occupy and/or use the project site for its intended purpose. Staff is <br />requesting a 60 day extension to both benchmark. Staff believes that the applicant is <br />very close and may reach substantial completion by the time of the meeting of City <br />Council. However, 60 days would be ample time to satisfy development agreement <br />requirements. <br /> <br />Staff is recommending Council approve the attached amended and restated <br />development agreement for the 100 W. Main Street project to include extending both <br />benchmark dates by 60 days as follows: <br /> <br /> Total cash incentive of $85,000 with following payment schedule: two payments <br />of $40,000 and $45,000 <br /> <br />o First payment of $40,000, within 30 days of substantial completion of <br />construction/ renovations. This payment is estimated to occur around July <br />15, 2021. <br /> <br />o Second payment of $45,000 when building is occupied with four (4) full- <br />time jobs (confirmed by documentation from each business stating such). <br />The applicant will be responsible for maintaining jobs 5 years after 2nd <br />payment. This payment is estimated to occur around August 31, 2021. <br /> <br /> <br />ACTION REQUIRED BY CITY COUNCIL <br />Approve or deny an amended and restated economic development incentive <br />agreement between the La Porte Development Corporation, and Marion Campise <br />and Vicki Campise, for the use of Type B Development Corporation Sales Tax <br />Funds for refurbishment/renovation of the old bank building located at 100 W. <br />Main Street in La Porte, Texas. <br />Approved for the La Porte Development Corporation Board meeting agenda. <br /> <br />Corby D. Alexander, City Manager Date <br /> <br />