O-2014-3506 amend FY 2013-2014 Budget

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By the End of 2014 New Hires Total Managers 1 10 Admin 1 2 Engineers 1 7 Designers 17 47 Total Employment by the End of 2014: 66 By the End of 2015 New Hires Total Managers 0 10 Admin 1 3 Engineers 3 10 Designers 20 67 Total Employment by the End of 2015: 90 In addition to full benefits (medical, dental, and 401 k), the average, annual salary for each category of employees is as follows: Managers $250,000 Admin $ 55,000 Engineers $160,000 Designers $200,000 In opening the new engineering office in La Porte, RIG estimates that it spent: 0 $160,000 in building improvements, infrastructure/utility installation, and furniture, • $120,000 in hiring/human resource expenses including signing bonuses, and • $340,000 in computers and software. Other than fresh paint in the lease space and carpet cleaning, the owner of the 1200 Building on SH 146 did not offer RIG any allowance for tenant improvements. Incentive Grant Request In order to facilitate the opening of their new office in La Porte, RIG requests a cash incentive grant in the amount of $15,000. In order to facilitate the opening of RIG's new office in La Porte and support the creation of 90 new full-time jobs in La Porte, staff recommends that the 4B Board award RIG a cash incentive grant in the amount of $15,000. Per the Board's direction on 23 September 2013, staff scheduled a public hearing to discuss this incentive grant request on 9 December 2013. Public notice was published on Thursday, October 3rd, which satisfies the 60 -day petition period. No qualified petition was received in opposition to this proposed incentive award. This project will require that the Richard Industrial Group, Inc. enter into a performance agreement with the La Porte Development Corporation, the terms of which would establish minimum thresholds for key performance indicators such as the