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President Warren asked the hours of operation. Mr. Gant responded 11:00 a.m.-10:00 p.m. Sunday- <br /> Thursday a'hp closing at 1:00 p.m. on Friday and Saturday. <br /> Board member Martin questioned what calls for gutting the building. Mr. Gant advised the metals <br /> studs in the kitchen are rusted. <br /> Board member Engelken requested an update on the payback plan. Economic Development <br /> Coordinator Scott Livingston proposed upon a certificate of occupancy, Pipeline Grill receives a <br /> $100,000; after first year and $4 million in taxable sales they receive the second $100.000 and the <br /> second year after proof of$4 million in taxable sales they receive the third payment of$100,000. Mr. <br /> Livingston advised conditions and performance measures will be stated in the development <br /> agreement. <br /> Board member Woodard moved deliver Pipeline Grill $300,000 over a period not to exceed three <br /> years based on an agreement as part of the project. Vice-President Cooksley seconded. MOTION <br /> PASSED. <br /> Ayes: President Warren, Vice-President Cooksley, Board members, <br /> Woodard, Engelken, Clausen and Martin <br /> Nays: None <br /> Absent: Board member Ojeda <br /> 3. SET DATE FOR NEXT MEETING—S. Livingston <br /> Board members set the next meeting date for Wednesday, May 13, 2015 at 5:00 p.m. <br /> 4. STAFF REPORTS <br /> (a) Receive Financial Report—M. Dolby <br /> Finance Director Michael Dolby provided a Financial Report and advised there were no changes from the <br /> last report. <br /> 5. BOARD MEMBER COMMENTS regarding matters appearing on agenda; recognition of community <br /> members, city employees, and upcoming events; inquiry of staff regarding specific factual information <br /> or existing policies. <br /> There were no comments. <br /> 6. ADJOURN — There being no further business, Vice-President Cooksley moved to adjourn the <br /> meeting at 5:28p.m. Board member Woodard seconded. MOTION PASSED. <br /> R ectfully submitted, <br /> Patrice Fogarty, Ci(y)8ecrdofy <br /> Passed and approved on this 13th day of May, 2015. <br /> Presidenf Richard Warren <br /> Page 2 of 2 <br /> April 13,2015,La Porte Development Corporation Board Minutes <br />