04-04-1983 Regular Meeting Industrial Development Corporation Board of Directors

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• ~ t9INUTES OF REGULAR MEETING OF THE BOARD OF DIRECTORS OF TiiE CITY OF LA PORTE INDUSTRIAL DEVELOPMENT CORPORATION The Board of Directors of the City of La Porte Industrial Development Corporation convened in regular meeting at 7:00 P.M. on the 4th day of April, 1963, at La Porte, Texas, said meeting having been duly called. Present at the meeting were all the members of the Board of Directors, to-wit: VIRGINIA CLINE W. R. SPRINGALL LOIS COMPTON ROBERT WHITE DOUGLAS F. LATIMER, JR. JOHN Ct LONGLEY JACK LAWLER thus constituting a majority and a quorum of the Board of Directors. Upon motion duly made, seconded and carried by unanimous vote, the Minutes of the Regular Meeting of the Board of Directors of March 3, 1983, were approved as presented. President Cline administered the oath of office to newly appointed Director Jack Lawler. Carolyn Truesdell of the Houston law firm of Vinson ~ Elkins, Bond Attorneys for La Quinta, described the recent changes in the Federal tax laws affecting industrial development bonds. Alan Tallis, Director of Developments .for La Quinta, presented a description of what the La Quinta Inns Development; Project will consist of, their marketing program, their hiring program, and 'a projected ad valorem tax of 550,000.00 per year on the City of La Porte operation. He noted that La Quinta: will hire mainly from the City of La Porte for all jobs, except for the resident manager. Upon motion duly made, seconded and carried by unanimousE~vote, a resolution and agreement_to issue bonds in form: attached hereto, was unanimously approved. Denny Barfield, Attorney, from Pasadena, legal counsel.-for Guminey-Hamilton Interests, presented a partial description of a proposed strip shopping center on Fairmont Parkway, located just east of the Assembly of God Church. The T3oard called a Special Meeting for .7:00 P.M. Thursday, April 14, 1983, to formally consider the Guminey-Hamilton application.