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<br />REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM <br /> <br />Report: X Resolution: <br /> <br />Ordinance: <br /> <br />Anpronriation <br />Source of Funds: EDC Budget <br />Account Number: 038-6030-565.90-15 <br />Amount Budgeted: $180,000 <br />Amount Requested: $180,000 <br />Budgeted Item: ~ NO <br /> <br />Agenda Date Requested: 10/15/10 <br />Requested By: Stacey Osborne <br />Department: CMO <br /> <br />Exhibits: <br />Exhibits: <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />This evening's Public Hearing is to receive public input on the proposed expenditures of La Porte Development <br />Corporation funds to pay for two separate projects: 1) $175,000 to fund street paving for Sector 23 development of a <br />22-acre light industrial park; and 2) $180,000 to fund the installation of bulkheads at the City of La Porte Golf <br />Course. <br /> <br />This is a summary of the bulkhead project and an explanation of the proposed expenditures. Upon receipt of public <br />input on this project, the Board will vote on whether to approve this expenditure as a project of the Economic <br />Development Corporation. If approved, the project cannot be undertaken until the 60 day period following the <br />publication date of the notice of public hearing. If during this 60 day period at least 10 percent of the registered <br />voters file a petition requesting a public election on the proposed project, the project must be put on hold and <br />submitted to the voters for approval. <br /> <br />Project Summary: <br /> <br />The Bay Forest Golf Course is in need of additional bulkheads in key locations around the course. The entire cost of <br />new bulkheads will be $360,000. City Council agreed to fund $180,000 from the General Fund, and they have <br />requested that the Economic Development Corporation fund the remaining $180,000. The combined funds will be <br />used to purchase 5,000 bulkheads which will be placed at key locations around the golf course. <br /> <br />On August 23,2010 the Board approved the addition of$180,000 to the budget for expenditure on this project, ifit <br />is approved. <br /> <br />Action Required bv Economic Develooment Corooration: <br /> <br />Consider approval or other action to accept the expenditure of $180,000 to fund the installation of bulkhead at the <br />City of La Porte Golf Course as a project of the La Porte Development Corporation. <br /> <br />Aporoved for La Porte Develooment Corooration Al!enda <br />