The URL can be used to link to this page

Home My WebLink About08-11-14 Meeting of the La Porte Development Corporation Board of Directors RICHARD WARREN, PRESIDENTRICHARD WARREN, PRESIDENTMIKE CLAUSEN, BOARD MEMBERMIKE CLAUSEN, BOARD MEMBER MIKE COOKSLEY, BOARD MEMBERMIKE COOKSLEY, BOARD MEMBERRANDY WOODARD, BOARD MEMBERRANDY WOODARD, BOARD MEMBER JAY MARTIN, BOARD MEMBERJAY MARTIN, BOARD MEMBERNANCY OJEDA, BOARD MEMBERNANCY OJEDA, BOARD MEMBER CHUCK ENGELKEN, BOARD MEMBERCHUCK ENGELKEN, BOARD MEMBER CITY OF LA PORTE DEVELOPMENT CORPORATION MEETING AGENDACITY OF LA PORTE DEVELOPMENT CORPORATION MEETING AGENDA Notice is hereby given of a meeting of the City of La Porte Development Corporation to be held on Notice is hereby given of a meeting of the City of La Porte Development Corporation to be held on August 11, 2014, at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, beginning at August 11, 2014, at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, beginning at 05:00 PM to consider the following items of business:05:00 PM to consider the following items of business: 1.CALL TO ORDERCALL TO ORDER 2.CONSENT AGENDACONSENT AGENDA (All consent agenda items are considered routine by the La Porte (All consent agenda items are considered routine by the La Porte Development Corporation Board and will be enacted by one motion. There will be no separate Development Corporation Board and will be enacted by one motion. There will be no separate discussion of these items unless a Board member requests an item be removed and considered discussion of these items unless a Board member requests an item be removed and considered separately)separately) (a)Consider approval of minutes of the meeting of La Porte Development Corporation Board Consider approval of minutes of the meeting of La Porte Development Corporation Board held on July 14, 2014 held on July 14, 2014 -- P. Fogarty P. Fogarty (b)Consider approval or other action authorizing Board President Richard Warren to sign and Consider approval or other action authorizing Board President Richard Warren to sign and execute an amendment to the INEOS development/incentive agreement, which contains execute an amendment to the INEOS development/incentive agreement, which contains revisions to selected portions of the original development agreement that were approved by revisions to selected portions of the original development agreement that were approved by revisions to selected portions of the original development agreement that were approved by revisions to selected portions of the original development agreement that were approved by the 4B Board on Monday, 14 July 2014 the 4B Board on Monday, 14 July 2014 -- S. Livingston S. Livingston 3.SET DATE FOR NEXT MEETING SET DATE FOR NEXT MEETING -- S. Livingston S. Livingston 4.STAFF REPORTSSTAFF REPORTS (a)Receive report of the Bay Area Houston Economic Partnership (BAHEP), 2014 Annual Receive report of the Bay Area Houston Economic Partnership (BAHEP), 2014 Annual Report Report -- B. Mitchell B. Mitchell (b)Receive report of the ICSC Show Receive report of the ICSC Show -- S. Livingston S. Livingston (c)Receive Financial Report Receive Financial Report -- M. Dolby M. Dolby 5.Board member comments regarding matters appearing on agenda; Recognition of Board member comments regarding matters appearing on agenda; Recognition of community members, city employees, and upcoming events; inquiry of staff regarding community members, city employees, and upcoming events; inquiry of staff regarding specific factual information or existing policies.specific factual information or existing policies. 6.Executive Session Executive Session The La Porte Development Corporation reserves the right to meet in The La Porte Development Corporation reserves the right to meet in executive session on any agenda item should the need arise and if authorized by the Texas executive session on any agenda item should the need arise and if authorized by the Texas Open Meetings Act, Title 5, Chapter 551, of the Texas Government Code.Open Meetings Act, Title 5, Chapter 551, of the Texas Government Code. 7.Reconvene into regular session and consider action, if any, on items discussed in executive Reconvene into regular session and consider action, if any, on items discussed in executive session.session. 8.AdjournAdjourn In compliance with the Americans with Disabilities Act, the City of La Porte will provide for reasonable In compliance with the Americans with Disabilities Act, the City of La Porte will provide for reasonable accommodations for persons attending public meetings. To better serve attendees, requests should be received accommodations for persons attending public meetings. To better serve attendees, requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281.470.5019.24 hours prior to the meetings. Please contact Patrice Fogarty, City Secretary, at 281.470.5019. CERTIFICATIONCERTIFICATION I certify that a copy of the August 11, 2014, agenda of items to be considered by the Board of the La Porte Development I certify that a copy of the August 11, 2014, agenda of items to be considered by the Board of the La Porte Development Corporation was placed on the City Hall Bulletin Board on August 6, 2014.Corporation was placed on the City Hall Bulletin Board on August 6, 2014. signature heresignature here Patrice Fogarty, City SecretaryPatrice Fogarty, City Secretary RICHARD WARREN, PRESIDENT MIKE CLAUSEN, BOARD MEMBER MIKE COOKSLEY, VICE PRESIDENT RANDY WOODARD, BOARD MEMBER CHUCK ENGELKEN, BOARD MEMBER NANCY OJEDA, BOARD MEMBER JAY MARTIN, BOARD MEMBER MINUTES OF LA PORTE DEVELOPMENT CORPORATION BOARD MEETING OF JULY 14, 2014 July 14, 2014, The City of La Porte Development Corporation Board met on at the City Hall Council 5:00 p.m Chambers, 604 West Fairmont Parkway, La Porte, Texas, at . to consider the following items of business: 1. CALL TO ORDER President Warren called the meeting to order at 5:00 p.m. The following members of the La Porte Development Corporation Board were present: Board members Martin, Clausen, Woodard and Vice President Cooksley. Absent: Board members Engelken and Ojeda. Staff Present: Corby Alexander, Patrice Fogarty, Scott Livingston, Clark Askins and Traci Leach. ( 2. CONSENT AGENDA All consent agenda items are considered routine by the La Porte Development Corporation Board and will be enacted by one motion. There will be no separate discussion of these items unless a Board member requests an item be removed and considered separately.) (a) Consider approval of minutes of the meeting of La Porte Development Corporation Board held on June 9, 2014 P. Fogarty (b) Consider approval or other action authorizing Staff to execute payment in the amount of $300,000 to INEOS USA, LLC pursuant to the Development Agreement S. Livingston (c) Discussion or other action regarding the proposed budget for La Porte Development Corporation Board for Fiscal Year 2014-2015 S. Livingston Vice President Cooksley moved to approve the consent agenda as presented. Board member Martin seconded. Ayes: President Warren, Vice-President Cooksley, Board members Clausen, Woodard and Martin Nays: None Absent: Board members Engelken and Ojeda 3. DISCUSSION OR OTHER ACTION (a) Discussion or other action authorizing Staff to post appropriate notice for a public hearing for an economic incentive grant to ACT Independent Turbo Services, Inc. S. Livingston Page 1 of 3 July 14, 2014, La Porte Development Corporation Board Minutes Economic Development Coordinator Scott Livingston presented a summary and introduced Vice- President-Engineering and IT, Glen Turner with ACT Independent Turbo Services Inc. Mr. Turner provided an overview of the business plan model and introduced executive staff members. Board member Woodard moved to authorize Staff to post notice for a public hearing for an economic incentive grant up to $450,000 to ACT Independent Turbo Services Inc. Board member Clausen seconded. Ayes: President Warren, Vice-President Cooksley, Board members Clausen, Woodard and Martin Nays: None Absent: Board members Engelken and Ojeda (b) Discussion or other action authorizing Staff to revise the existing Development Agreement with INEOS S. Livingston Economic Development Coordinator Scott Livingston presented a summary of INEOS request of a two- year extension of certain deadlines relating to the Ethylene Oxide Project under the Incentive Agreement. Business Development Manager, Steve Reynolds with INEOS advised the board INEOS will provide updates on the project whenever requested by the board. Vice President Cooksley moved to agree to extend the existing Development Agreement with INEOS by modifying the three deadlines as indicated in the commitment letter and setting aside $700,000 for INEOS. Board member Martin seconded. Ayes: President Warren, Vice-President Cooksley, Board members Clausen, Woodard and Martin Nays: None Absent: Board members Engelken and Ojeda 4. SET DATE FOR NEXT MEETING S. Livingston Board members set the next meeting date for Monday, August 11, 2014 and September 22, 2014 for the ACT Project at 5:00 p.m. 5. STAFF REPORTS (a) Receive report of the Economic Alliance Houston Port Region S. Livingston Chad Burke, President/CEO of the Economic Alliance Houston Port Region presented a report. Mr. Burke informed the City of La Porte has had 13 projects, excluding INEOS since 2008, with 727 million dollars and 2 million dollar a year impact to the tax revenues in La Porte. (b) Receive Financial Report M. Dolby Financial Director Michael Dolby provided a report. (c) Receive report on the recent ICSC (International Council of Shopping Centers) Show held in Las Vegas S. Livingston Page 2 of 3 July 14, 2014, La Porte Development Corporation Board Minutes This item was moved to the August 11, 2014 meeting. BOARD MEMBER COMMENTS regarding matters appearing on agenda; recognition of community 6. members, city employees, and upcoming events; inquiry of staff regarding specific factual information or existing policies. There were no comments. 9. ADJOURN There being no further business, Board member Martin moved to adjourn the meeting at 5:50 p.m. MOTION PASSED Vice President Cooksley seconded. . Respectfully submitted, ____________________________________ Patrice Fogarty, City Secretary th Passed and approved on this 11 day of August, 2014. ____________________________________ President Richard Warren Page 3 of 3 July 14, 2014, La Porte Development Corporation Board Minutes REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM August 11, 2014August 11, 2014AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: N/A N/A S. Livingston S. Livingston Source of Funds:Source of Funds: Requested By:Requested By: N/A N/A Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: Department: N/A N/A Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: N/A N/A Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. INEOS Agenda Request 1. INEOS Agenda Request 2. Amendment to LPDC Incentive Agreement2. Amendment to LPDC Incentive Agreement 3. INEOS Request to Revise the Development 3. INEOS Request to Revise the Development AgreementAgreement 4. INEOS Development Agreement, 23 4. INEOS Development Agreement, 23 September 2013September 2013 SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS In order to enable further development of commercial aspects of INEOSIn order to enable further development of commercial aspects of INEOSs s , which is , which is Ethylene Oxide ProjectEthylene Oxide Project taking longer than originally planned, the principals of INEOS respectfully requested a twotaking longer than originally planned, the principals of INEOS respectfully requested a two--year extension of year extension of deadlines related to only the deadlines related to only the under the existing development/incentive agreement, which under the existing development/incentive agreement, which Ethylene Oxide ProjectEthylene Oxide Project was signed 23 September 2013. was signed 23 September 2013. On Monday, 14 July 2014, the 4B Board voted to approve INEOSOn Monday, 14 July 2014, the 4B Board voted to approve INEOSs request and authorized staff to draft all the s request and authorized staff to draft all the necessary revisions to the existing development/incentive agreement.necessary revisions to the existing development/incentive agreement. Staff RecommendationStaff Recommendation Consider authorizing Board President Richard Warren to sign and execute an amendment to the INEOS Consider authorizing Board President Richard Warren to sign and execute an amendment to the INEOS development/incentive agreement which contains revisions to selected portions of the original development development/incentive agreement which contains revisions to selected portions of the original development agreement that were approved by the 4B Board on Monday, 14 July 2014.agreement that were approved by the 4B Board on Monday, 14 July 2014. History According to Article I.A.1 of the INEOS Development Agreement, approved 23 September 2013, the principals of According to Article I.A.1 of the INEOS Development Agreement, approved 23 September 2013, the principals of INEOS must make a commitment to invest at least INEOS must make a commitment to invest at least in an Ethylene Oxide Project, also known as in an Ethylene Oxide Project, also known as $500 million$500 million Unit #2, by in order to receive a payment of $700,000 from the 4B Board. in order to receive a payment of $700,000 from the 4B Board. 1 August 20141 August 2014 INEOSs incentives consultant, Eric D. Geisler, reports that the anticipated amount of investment for the s incentives consultant, Eric D. Geisler, reports that the anticipated amount of investment for the Polyethylene Project (i.e. Unit #1) is now expected to be $400 Polyethylene Project (i.e. Unit #1) is now expected to be $400 --$$500 million, which is 60500 million, which is 60--100% greater than the 100% greater than the initially expected amount of $250 million. By the time INEOS decides to commit to the Ethylene Oxide Project initially expected amount of $250 million. By the time INEOS decides to commit to the Ethylene Oxide Project (i.e. Unit #2), assuming that the size of the project remains the same, staff anticipates that the level of investment (i.e. Unit #2), assuming that the size of the project remains the same, staff anticipates that the level of investment for Unit #2 will also be greater than $500 million. for Unit #2 will also be greater than $500 million. Considering the impact that Unit #2 will have on the City of La Porte, even at the minimum stated value of $500 Considering the impact that Unit #2 will have on the City of La Porte, even at the minimum stated value of $500 million, staff recommended that the 4B Board consider extending the terms of the development agreement, plus million, staff recommended that the 4B Board consider extending the terms of the development agreement, plus the ancillary terms pertaining to employment and growth for Unit #2, by two (2) years to 1 August 2016.the ancillary terms pertaining to employment and growth for Unit #2, by two (2) years to 1 August 2016. Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: Consider approval or other action authorizing Board President Richard Warren to sign and execute an amendment Consider approval or other action authorizing Board President Richard Warren to sign and execute an amendment to the INEOS development/incentive agreement, which contains revisions to selected portions of the original to the INEOS development/incentive agreement, which contains revisions to selected portions of the original development agreement that were approved by the 4B Board on Monday, 14 July 2014.development agreement that were approved by the 4B Board on Monday, 14 July 2014. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Budget Agenda Date Requested: 11 August 2014 Source of Funds: N/A Requested By: Scott D. Livingston Account Number: N/A Department: Administration/Economic Development Amount Budgeted: N/A Report: Resolution: Ordinance: Amount Requested: N/A Exhibit: 1 Aug. 2014 - Amendment to LPDC Incentive Agreement Budgeted Item: YES NO Exhibit: INEOS Request to Revise the Development Agreement Exhibit: INEOS Development Agreement, 23 Sept. 2013 SUMMARY Ethylene Oxide Project In order to enable further development of commercial aspects of , which is taking longer than originally planned, the principals of INEOS respectfully requested a two-year extension of Ethylene Oxide Project deadlines related to only the under the existing development/incentive agreement, which was signed 23 September 2013. On Monday, 14 July 2014, the 4B Board voted to approve and authorized staff to draft all the necessary revisions to the existing development/incentive agreement. Staff Recommendation Consider authorizing Board President Richard Warren to sign and execute an amendment to the INEOS development/incentive agreement which contains revisions to selected portions of the original development agreement that were approved by the 4B Board on Monday, 14 July 2014. History According to Article I.A.1 of the INEOS Development Agreement, approved 23 September 2013, the principals $500 million of INEOS must make a commitment to invest at least in an Ethylene Oxide Project, also known as 1 August 2014 in order to receive a payment of $700,000 from the 4B Board. sler, reports that the anticipated amount of investment for the Polyethylene Project (i.e. Unit #1) is now expected to be $400 - $500 million, which is 60-100% greater than the initially expected amount of $250 million. By the time INEOS decides to commit to the Ethylene Oxide Project (i.e. Unit #2), assuming that the size of the project remains the same, staff anticipates that the level of investment for Unit #2 will also be greater than $500 million. Considering the impact that Unit #2 will have on the City of La Porte, even at the minimum stated value of $500 million, staff recommended that the 4B Board consider extending the terms of the development agreement, plus the ancillary terms pertaining to employment and growth for Unit #2, by two (2) years to 1 August 2016. Action Required by the La Porte Development Corporation Board: Consider approval or other action authorizing Board President Richard Warren to sign and execute an amendment to the INEOS development/incentive agreement, which contains revisions to selected portions of the original development agreement that were approved by the 4B Board on Monday, 14 July 2014. Approved for the La Porte Development Corporation Agenda Corby D. Alexander, City Manager Date AMENDMENT TO ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This Amendment to Economic Development Incentive Agreement Amendment is made by and entered into this ___ day of __________, 2014 by and between La Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas Local LPDCDelaware Recipien. WHEREAS, LPDC and Recipient are parties to that certain Economic Development Incentive Agreement for use of Type B Development Corporation Sales Tax Funds dated September 23, 2013 (hereinafter Incentive Agreement WHEREAS, Recipient desires extension of deadlines relating to the Ethylene Oxide Project under the Incentive Agreement; and, WHEREAS, LPDC desires to the Ethylene Oxide Project under the Incentive Agreement; NOW THEREFORE, in consideration of the covenants and conditions stated herein, and in consideration of the mutual benefits that will accrue to each of the parties hereof, as well as to the citizens of the City of La Porte, Texas, the parties have agreed and do hereby agree as follows: 1. Terms capitalized herein and not otherwise defined will have the meanings ascribed to such terms in the Incentive Agreement. 2. The third recital in the preamble to the Incentive Agreement is modified by striking the current text and substituting the following: WHEREAS, LPDC and Recipient anticipate that the construction of the facilities for the Ethylene Oxide Project will be substantially complete by the end of 2019 and the Polyethylene Project will be substantially complete by the end of 2017 3. Article I.A.1 of the Incentive Agreement is modified by striking the current text and substituting the following: 1) a cash incentive payment in the amount of $700,000.00 for the Ethylene Oxide Project will be distributed to Recipient no later than 30 days after receipt by LPDC of construction of the Ethylene Oxide Project at the Battleground Manufacturing Complex; such letter of commitment shall be submitted to LPDC no later than August 1, 2016. 4. Article I.B.1 of the Incentive Agreement is modified by striking the current text and substituting the following: Oxide Project, Recipient will submit to the LPDC by December 31, 5. Article V of the Incentive Agreement is modified by striking the current text and substituting the following: The term of this Agreement will expire on or before December 31, 2019, pursuant to Article 1 of this Agreement. SIGNED AND AGREED to by LPDC and Recipient on the dates indicated below. LA PORTE DEVELOPMENT CORPORTION __________________________ Richard Warren, President ___________________ Date ATTEST ___________________________ Secretary of the Corporation INEOS USA LLC, a Delaware limited liability company By: _________________________________ _________________________ Date ATTEST ________________________________ REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM August 11, 2014August 11, 2014AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: N/A N/A S. Livingston S. Livingston Source of Funds:Source of Funds: Requested By:Requested By: N/A N/A Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: Department: N/A N/A Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: N/A N/A Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. BAHEP 2014 Annual Report1. BAHEP 2014 Annual Report SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS Bob Mitchell, President of the Bay Area Houston Economic Partnership, will present BAHEPBob Mitchell, President of the Bay Area Houston Economic Partnership, will present BAHEPs 2014 Annual s 2014 Annual Report to the 4B Board. Report to the 4B Board. Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: No action is required.No action is required. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM August 11, 2014August 11, 2014AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: N/A N/A S. Livingston S. Livingston Source of Funds:Source of Funds: Requested By:Requested By: N/A N/A Economic Development/Tourism Economic Development/Tourism Account Number:Account Number: Department: N/A N/A Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: N/A N/A Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. ICSC Show Agenda Request1. ICSC Show Agenda Request 2. Schedule and Itinerary2. Schedule and Itinerary 3. Exhibitor List and ICSC Hall Maps3. Exhibitor List and ICSC Hall Maps 4. ICSC Marketing Materials4. ICSC Marketing Materials SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS The La Porte Team advertised in the May issue of The La Porte Team advertised in the May issue of , which was distributed by , which was distributed by , , , REDNewsREDNewsREDNewsREDNews MIMCOMIMCO and at the ICSC Show in Las Vegas. The La Porte Team also benefitted by using at the ICSC Show in Las Vegas. The La Porte Team also benefitted by using Boxer RealtyBoxer Realty REDNewsREDNews booth at the show at no additional cost.booth at the show at no additional cost. For two (2) months prior to the show, staff contacted over two hundred (200) developers, retailers, and For two (2) months prior to the show, staff contacted over two hundred (200) developers, retailers, and prospective restaurants. The retail industry is still in a recession, except for the areas along the major highways prospective restaurants. The retail industry is still in a recession, except for the areas along the major highways which are experiencing significant residential growth. The developers and brokers are hungry and looking for which are experiencing significant residential growth. The developers and brokers are hungry and looking for which are experiencing significant residential growth. The developers and brokers are hungry and looking for which are experiencing significant residential growth. The developers and brokers are hungry and looking for retail opportunities just as much as the communities. retail opportunities just as much as the communities. The site selection decision process for new retail The site selection decision process for new retail store/restaurant development is being driven by the retailers/restaurants, rather than the brokers store/restaurant development is being driven by the retailers/restaurants, rather than the brokers and/or developers. and/or developers. During the recent ICSC Show in Las Vegas, two (2) 4B Board members and staff:During the recent ICSC Show in Las Vegas, two (2) 4B Board members and staff: Learned from conference sessions regarding: Learned from conference sessions regarding: 1.Ways to structure successful public private partnerships, Ways to structure successful public private partnerships, 2.Current retail development trends, Current retail development trends, 3.Future retail development projections, and Future retail development projections, and 4.Ideas to support creative reIdeas to support creative re--development. development. Networked with several key brokerage firms, Networked with several key brokerage firms, Promoted La Porte as a valuable investment opportunity, and Promoted La Porte as a valuable investment opportunity, and Contacted over sixty (60) retailers. Contacted over sixty (60) retailers. Basic plan for moving forward in the next twelve (12) months:Basic plan for moving forward in the next twelve (12) months: 30 June 2014 Fulfill all requests for information from each of the contacts at the recent ICSC Show, Fulfill all requests for information from each of the contacts at the recent ICSC Show, Encourage the Weitzman Group to do more retail development across from the Kroger on Fairmont Encourage the Weitzman Group to do more retail development across from the Kroger on Fairmont Parkway, Parkway, Continue to support Rob JohnsonContinue to support Rob Johnsons development by looking for prospective retail or restaurant tenants, s development by looking for prospective retail or restaurant tenants, Support retail development on the southeast corner of Spencer Hwy and Canada Drive, Support retail development on the southeast corner of Spencer Hwy and Canada Drive, Continue a redevelopment discussion with the owner of the former Kroger, Continue a redevelopment discussion with the owner of the former Kroger, Promote redevelopment along the west side of S. Broadway, Promote redevelopment along the west side of S. Broadway, Refresh all key broker/developer contacts and remind them about the ongoing retail development Refresh all key broker/developer contacts and remind them about the ongoing retail development opportunities in La Porte, opportunities in La Porte, Promote La PortePromote La PortePromote La PortePromote La Portes message regarding development opportunities in the special edition of the Houston s message regarding development opportunities in the special edition of the Houston s message regarding development opportunities in the special edition of the Houston s message regarding development opportunities in the special edition of the Houston Business Journal on 6 June 2014, and Business Journal on 6 June 2014, and Identify and contact retailers that may be impacted by the expansion of SH 146 and offer them an Identify and contact retailers that may be impacted by the expansion of SH 146 and offer them an opportunity to reopportunity to re--locate to La Porte. locate to La Porte. 30 September 201430 September 2014 Continue to support Rob JohnsonContinue to support Rob Johnsons development by looking for prospective retail or restaurant tenants, s development by looking for prospective retail or restaurant tenants, Obtain a copy of the proposed site plan for the new HEB retail center on the northeast corner of Spencer Obtain a copy of the proposed site plan for the new HEB retail center on the northeast corner of Spencer Hwy and East Blvd., Hwy and East Blvd., Obtain a commitment for new retail development on the southeast corner of Spencer Hwy and Canada Obtain a commitment for new retail development on the southeast corner of Spencer Hwy and Canada Drive, Continue conversations with three (3) to four (4) shopping center owners at the intersection of S. Continue conversations with three (3) to four (4) shopping center owners at the intersection of S. Broadway and W. Fairmont Parkway regarding redevelopment projects, Broadway and W. Fairmont Parkway regarding redevelopment projects, Support the owners efforts to reSupport the owners efforts to re--tenant the former Kroger with a national credit tenant, tenant the former Kroger with a national credit tenant, Re-contact all the retailers and restaurants that were initially contacted before the ICSC Show in La Vegas contact all the retailers and restaurants that were initially contacted before the ICSC Show in La Vegas and identify development opportunities for them in La Porte, and identify development opportunities for them in La Porte, Promote opportunities along the bay front for commercial development, and Promote opportunities along the bay front for commercial development, and Contact prospective retailers that may need a strong distribution/logistics base (Project Stratis, Project Contact prospective retailers that may need a strong distribution/logistics base (Project Stratis, Project Evergreen, etc.) Evergreen, etc.) 30 November 201430 November 2014 ICSC Show in Dallas from 12ICSC Show in Dallas from 12--14 Nov. 2014, 14 Nov. 2014, Highlight and publicize additional industrial expansions and new plants, Highlight and publicize additional industrial expansions and new plants, Highlight and publicize new commercial development such as new hotels and restaurants, Highlight and publicize new commercial development such as new hotels and restaurants, and Support new residential and mixed use development. Support new residential and mixed use development. Other Miscellaneous and Current Information:Other Miscellaneous and Current Information: Discussion with Discussion with ., ., NewQuest Properties, IncNewQuest Properties, Inc 300 - 400,000 sf of retail north of Spencer Hwy, 400,000 sf of retail north of Spencer Hwy, 300 - 400,000 sf of retail north of Spencer Hwy, 400,000 sf of retail north of Spencer Hwy, John Nicholson of Casiddy Turley and the PPG Property, John Nicholson of Casiddy Turley and the PPG Property, Port of Houston Authority (John Moseley and Ricardo Arias), Port of Houston Authority (John Moseley and Ricardo Arias), 4.3 acres and 45,000 sf, new retail development called 4.3 acres and 45,000 sf, new retail development called Underwood PlaceUnderwood Placeon Underwood Road, just north on Underwood Road, just north of N. L Street, of N. L Street, Local Broker/Owner/Developer Network, Local Broker/Owner/Developer Network, Retail Lease Trac, Retail Lease Trac, Proposed retail development on the southeast corner of Spencer Hwy and Canada Rd, Proposed retail development on the southeast corner of Spencer Hwy and Canada Rd, Austin Retail Live! (Aug. 20Austin Retail Live! (Aug. 20--22, 2014), and 22, 2014), and ICSC Texas Deal Making Conference (Nov. 11ICSC Texas Deal Making Conference (Nov. 11--14, 2014) 14, 2014) Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: No formal action or vote is required.No formal action or vote is required. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEM Budget Agenda Date Requested: 11 August 2014 Source of Funds: 4B Board Requested By: Scott D. Livingston Account Number: N/A Department: Economic Development Amount Budgeted: N/A Report: X Resolution: Ordinance: Amount Requested: N/A Exhibit: Schedule and Itinerary Budgeted Item: YES NO Exhibit: Exhibitor List and ICSC Hall Maps Exhibit: ICSC Marketing Materials __________________ SUMMARY & RECOMMENDATION REDNewsREDNewsMIMCO The La Porte Team advertised in the May issue of , which was distributed by , , Boxer Realty and at the ICSC Show in Las Vegas. The La Porte Team also benefitted by using booth at the show at no additional cost. For two (2) months prior to the show, staff contacted over two hundred (200) developers, retailers, and prospective restaurants. The retail industry is still in a recession, except for the areas along the major highways which are experiencing significant residential growth. The developers and brokers are hungry and looking for The site selection decision process for new retail retail opportunities just as much as the communities. store/restaurant development is being driven by the retailers/restaurants, rather than the brokers and/or developers. During the recent ICSC Show in Las Vegas, two (2) 4B Board members and staff: Learned from conference sessions regarding: 1.Ways to structure successful public private partnerships, 2.Current retail development trends, 3.Future retail development projections, and 4.Ideas to support creative re-development. Networked with several key brokerage firms, Promoted La Porte as a valuable investment opportunity, and Contacted over sixty (60) retailers. Basic plan for moving forward in the next twelve (12) months: 30 June 2014 Fulfill all requests for information from each of the contacts at the recent ICSC Show, Encourage the Weitzman Group to do more retail development across from the Kroger on Fairmont Parkway, Support retail development on the southeast corner of Spencer Hwy and Canada Drive, Continue a redevelopment discussion with the owner of the former Kroger, Promote redevelopment along the west side of S. Broadway, Refresh all key broker/developer contacts and remind them about the ongoing retail development opportunities in La Porte, Business Journal on 6 June 2014, and Identify and contact retailers that may be impacted by the expansion of SH 146 and offer them an opportunity to re-locate to La Porte. 30 September 2014 Obtain a copy of the proposed site plan for the new HEB retail center on the northeast corner of Spencer Hwy and East Blvd., Obtain a commitment for new retail development on the southeast corner of Spencer Hwy and Canada Drive, Continue conversations with three (3) to four (4) shopping center owners at the intersection of S. Broadway and W. Fairmont Parkway regarding redevelopment projects, Support the owners efforts to re-tenant the former Kroger with a national credit tenant, Re-contact all the retailers and restaurants that were initially contacted before the ICSC Show in La Vegas and identify development opportunities for them in La Porte, Promote opportunities along the bay front for commercial development, and Contact prospective retailers that may need a strong distribution/logistics base (Project Stratis, Project Evergreen, etc.) 30 November 2014 ICSC Show in Dallas from 12-14 Nov. 2014, Highlight and publicize additional industrial expansions and new plants, Highlight and publicize new commercial development such as new hotels and restaurants, and Support new residential and mixed use development. Other Miscellaneous and Current Information: NewQuest Properties, Inc Discussion with ., 300 - 400,000 sf of retail north of Spencer Hwy, John Nicholson of Casiddy Turley and the PPG Property, Port of Houston Authority (John Moseley and Ricardo Arias), north of N. L Street, Local Broker/Owner/Developer Network, Retail Lease Trac, Proposed retail development on the southeast corner of Spencer Hwy and Canada Rd, Austin Retail Live! (Aug. 20-22, 2014), and ICSC Texas Deal Making Conference (Nov. 11-14, 2014) Action Required by the La Porte Development Corporation Board: No formal action or vote is required. Approved for the La Porte Development Corporation Agenda Corby D. Alexander, City Manager Date Travel Information (Arrival) Nancy 5ğƷĻ Saturday, 17 May CƌźŭŷƷ Southwest #2904 źƒĻ 9:45 am IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Richard 5ğƷĻ Saturday, 17 May CƌźŭŷƷ Southwest #1875 źƒĻ 3:50 pm IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Scott 5ğƷĻ Saturday, 17 May CƌźŭŷƷ Southwest #1875 źƒĻ 3:50 pm IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Bases of Operation ĬƚƚƷŷ ϔ źƭ 352 .ƚǣĻƩ wĻƷğźƌ N745Z Proposed Schedule Saturday, 17 May 2014 БʹЉЉ ğƒ ΏΏ wĻŭźƭƷƩğƷźƚƓΉ.ğķŭĻ tźĭƉǒƦ hƦĻƓƭ ЏʹЉЉ Ʀƒ ΏΏ wĻŭźƭƷƩğƷźƚƓΉ.ğķŭĻ tźĭƉǒƦ /ƌƚƭĻƭ Sunday, 18 May 2014 БʹЉЉ ğƒ ΏΏ wĻŭźƭƷƩğƷźƚƓΉ.ğķŭĻ tźĭƉǒƦ hƦĻƓƭ .ƩĻğƉŅğƭƷ ΏΏ hƓ ƚǒƩ ƚǞƓ 11:00 am ΏΏ aĻĻƷźƓŭ ǞźƷŷ Site Analytics͵ .ƚƚƷŷ ϔ 925 źƓ ƷŷĻ North Hall. bƚƚƓ ΏΏ \[ǒƓĭŷ ƚƓ ƚǒƩ ƚǞƓ ЊʹЌЉ Ʀƒ ΏΏ ЎʹЉЉ Ʀƒ ΏΏ źƒĻ źƓ ƷŷĻ \[ĻğƭźƓŭ ağƌƌ ğƓķΉƚƩ ağƩƉĻƷƦƌğĭĻ ağƌƌ ЋʹЉЉ ЌʹЉЉ Ʀƒ ΏΏ The New Math: 1 + 1 = 3: Leveraging the Omni-Channel Shopper N255-N257 ΛǝĻƩźŅǤ ǞźƷŷ ƦƩƚŭƩğƒ ƒğƷĻƩźğƌƭΜ АʹЌЉ ВʹЌЉ Ʀƒ ΏΏ hƦĻƓźƓŭ wĻĭĻƦƷźƚƓ ğƷ ƷŷĻ 9ƓĭƚƩĻ .Ļğĭŷ /ƌǒĬͲ 9ƓĭƚƩĻ ğƷ ǤƓƓ Monday, 19 May 2014 .ƩĻğƉŅğƭƷ ΏΏ hƓ ƚǒƩ ƚǞƓ ВʹЉЉ ğƒ ЊЊʹЉЉ ğƒ ΏΏ źƒĻ źƓ ƷŷĻ \[ĻğƭźƓŭ ağƌƌ .ǒǩǩ ĬǤ ƷŷĻ NewQuest Properties ĬƚƚƷŷ #S222R Ʒƚ ƒĻĻƷ WǒğƓ /ğƩƌƚƭ ЊЊʹЉЉ ğƒ bƚƚƓ ΏΏ Successful Public/Private Partnerships for Retail Development Ͳ N252-256 bƚƚƓ ЋʹЉЉ Ʀƒ ΏΏ Lunch and Keynote Presentation Ͳ N4 2:30 pm ΏΏ aĻĻƷźƓŭ ǞźƷŷ Ford Scott ğƓķ Geoff Bracken ƚŅ Capital Retail Partners ğƷ ĬƚƚƷŷ ϔ C1913͵ 3:30 pm -- aĻĻƷźƓŭ ǞźƷŷ Jonathan Hicks ƚŅ EDGE Realty Partners ğƷ ĬƚƚƷŷ ϔ S326R͵ ЌʹЉЉ Ʀƒ ЍʹЉЉ Ʀƒ ΏΏ {ĻƒźƓğƩƭ ƚƓʹ Acquiring and then Revitalizing a Challenged Center Ͳ N259-N261 How to Restart Your Engines Ͳ N258-N260 ЍʹЉЉ Ʀƒ ЎʹЉЉ Ʀƒ ΏΏ {ĻƒźƓğƩƭ ƚƓʹ Lemons into Lemonade Ͳ N258-N260 Tuesday, 20 May 2014 .ƩĻğƉŅğƭƷ ΏΏ hƓ ƚǒƩ ƚǞƓ БʹЉЉ ğƒ ЊЉʹЉЉ ğƒ ΏΏ źƒĻ źƓ ƷŷĻ \[ĻğƭźƓŭ ağƌƌ ЊЉʹЉЉ ğƒ ЊЊʹЉЉ ğƒ ΏΏ {ĻƒźƓğƩ ƚƓ The New Frontiers: A Look Back, A Look Forward Ͳ N252- N256 bƚƚƓ ЋʹЉЉ Ʀƒ ΏΏ Lunch and Keynote Presentation Ͳ N4 Travel Information (Departure) Richard 5ğƷĻ Tuesday, 20 May CƌźŭŷƷ Southwest #353 źƒĻ 1:55 pm IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Nancy 5ğƷĻ Tuesday, 20 May CƌźŭŷƷ Southwest #353 źƒĻ 1:55 pm IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Scott 5ğƷĻ Tuesday, 20 May CƌźŭŷƷ Southwest #920 źƒĻ 4:50 pm IƚƷĻƌ Mandalay Bay Resort aƚĬźƌĻ ϔ XXX-XXX-XXXX hƷŷĻƩ ΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗΗ Exhibitor List for ICSC COMPANY NAMEBOOTH# Ascena Retail Group(Dress Barn, Catherines, Maurices, Lane Bryant, Justice) Big 5 Sporting GoodsS460P Bojangles' Restaurants S460Q Boxer RetailN745Z Bright RealtyS458P Bruegger’s Bagels Burlington Stores S4067 Capital RetailPropertiesC1913 Casual Male Retail Group, Inc.S472N Catherines S332N Cato Fashions S478N Chain Store Guide 455 ChainLinks Retail Advisors, Inc. S266Q ChainLinks Retail Advisors, Inc. S276Q Chipotle Mexican Grill S4739 Corner Bakery Cafe N572W CVS/Pharmacy S411Q Dickey’s BBQ Dress Barn S332N Dunkin' Brands Inc. S3616 EDGE Realty Partners Fallas StoresS471Q Famous FootwearS4812 Farrell's RestaurantC2143 Fashion IndulgeN679X Fashion IndulgeC1910 Fazoli's Restaurants N482V Firehouse Restaurant Group, Inc.S348N Focus Brands S487Q (McAlister’s Deli, Cinnabon, Moe’s Southwestern Grill) GameStop, Inc. S3635 Genghis Grill, Inc. Hibbett Sporting Goods, Inc. S290S Home Depot Inc., TheC1837 Jersey Mike's Franchise Systems S494Q Jimmy John's Gourmet Sandwiches S387Q Johnny RocketsC2139 Justice S332N Kiddie Academy C1924 LA Fitness La Madeleine Lane BryantS332N Lowe's Companies, Inc. N663X Malachite Group, Ltd. S349S Margaritaville N486V Marriott International, Inc.S470N MauricesS332N Menchi’s Group, Inc. Newmark Grubb Knight Frank C155L NewQuest Properties, Inc. Northwest Atlantic C160F Office DepotS460N Panda Restaurant Group, Inc. S480Q Party City Retail GroupS344S Pita Pit Poag and McEwen Lifestyle Centers, LLC C172G RedNews 352 Retail Connection, TheS243Q Rita’s Franchise CompanyS3344 Sally Beauty Holdings, Inc.S423N Save-a-Lot Food Stores Sears Holdings CorporationS2337 Simply Fashion Stores, Ltd.S320P Site Analytics Co.925 Sites USA 701 SRS Real Estate Partners Starbucks Coffee CompanyN580W Steiner + Associates, Inc.C1124 Trammell Crow Company C100J Twin Peaks Restaurants N470V United Commercial Realty UPS Store, TheS290N Walmart Stores, Inc.S300Q Walton Groupof Companies C2136 Weitzman Group, The C1264 ,cificaP eht Y Street V Street T Street This is an Unaudited Statement. City of La Porte La Porte Development Corporation (038) Fund Summary (Section 4B Sales Tax) Previous ReportFY 2013-14FY 2012-13 Unaudited Beginning Fund Balance 9/30$2,768,155$2,768,155$2,196,935 Plus Year to Date Revenues: 1/2 Cent Sales Tax1,112,9081,293,4581,167,619 Interest Income3,3363,6193,598 Total Revenues1,116,2441,297,0771,171,217 Equals Total Resources3,884,3994,065,2323,368,152 Less Year to Date Expenditures: Payroll44,99550,46436,609 Supplies855905794 Services & Charges (Memberships, Training, Advertising, Legal, Utilities)249,407266,196124,470 Debt Service Transfer632,363711,409307,546 * Capital Projects Transfers151,333157,75093,750 ** Total Expenditures1,078,9531,186,724563,169 Estimated Year to Date Fund Balance as of 6/30/2014$2,805,446$2,878,508$2,804,983 Commitments Project Nebula$1,000,000 Intergulf 45,000 Rob Johnson Interests 40,000 Richard Industrial Group 15,000 Debt Service Reserve 948,545 $2,048,545 Adjusted Year to Date Fund Balance$829,963 Projection Through Year End Adjusted Year to Date Fund Balance$829,963 Plus: Estimated Sales Tax 695,980 Less: Estimated Operational Costs(8,023) Less: Debt Service Transfers(237,136) Less: Capital Projects Transfers(19,250) Projected Year End Fund Balance$1,261,534 Sales tax revenues for Fiscal Year 2015 are estimated to be $2,208,630. (2.5% growth over current year) Previously Funded Projects (Funding in Fund 015 - General CIP Fund) BudgetExpendituresBalance District 23 Street Paving175,000-175,000 Façade Grants300,00081,570218,430 Total475,00081,570393,430 *Debt Service Payments for Library, Bay Area Boulevard & Canada Road and Ballfields. **Capital Project Transfer is for 1/2 of the Golf Course/Little Cedar Bayou Park Irrigation Sytstem.