Laserfiche WebLink
REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM <br />Agenda Date Requested: 10 June 2013 <br />Requested By: Scott D. 1.ivingstan <br />Department: Admin-stcation/Econamic Development <br />Report: Resolution: Ordinance: <br />Exhibit: Incentive Agreement <br />Email regarding Maintenance and Surface Use <br />Exhibit: Easement Agreement <br />Budget <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />In November 2012, the La Porte Development Corporation Board held a public hearing for an <br />infrastructure incentive request for the proposed Intergulf Corporation world headquarters <br />building, located on the west side of the SH 146 Frontage Road, between C and D streets. <br />Intergulf has requested an incentive amount not to exceed $500,000 to expand the available <br />parking on the property. <br />At the February 2013 EDC meeting, the Board designated the incentive request as a project of <br />the La Porte Development Corporation Board and the Council approved it as well. Since that <br />time, staff has been working with Intergulf to draft the incentive agreement outlining the <br />obligations of all parties. <br />The incentive agreement is now ready for Board approval. The agreement sets forth two <br />payments- one after the completion of the drainage improvements and the second payment after <br />Intergulf has provided the Board verification of the capital investment and jobs. The agreement <br />also lays the groundwork for a future surface use easement that grants Intergulf a perpetual <br />parking easement on the surface of this property to enjoy in perpetuity, but reserving to the City <br />the right to disrupt the surface, at Intergulf s expense, to maintain the subsurface drainage <br />facilities. The surface use agreement will follow the land, not the incentive agreement, so that <br />any future owner of the property will be bound to the same maintenance obligations for the <br />surface parking. <br />Action Required by La Porte Development Corporation: <br />None <br />Approved for La Porte Development Corporation Agenda: <br />Corby D. Alexander, City Manager <br />Date <br />