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HomeMy WebLinkAbout04-13-15 Meeting of the La Porte Development Corporation Board of Directors RICHARD WARREN, PRESIDENTRICHARD WARREN, PRESIDENTMIKE CLAUSEN, BOARD MEMBERMIKE CLAUSEN, BOARD MEMBER MIKE COOKSLEY, VICEMIKE COOKSLEY, VICE--PRESIDENTPRESIDENTRANDY 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 April 13, 2015April 13, 2015, at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, , at the City Hall Council Chambers, 604 W. Fairmont Parkway, La Porte, Texas, beginning at 5:00 PM to consider the following items of business:beginning at 5:00 PM to consider the following items of business: 1.CALL TO ORDERCALL TO ORDER 2.AUTHORIZATIONSAUTHORIZATIONS Consider approval or other action authorizing staff to award an economic development Consider approval or other action authorizing staff to award an economic development (a) incentive to Gantstein Esquire, LLC., for an amount not to exceed $300,000 incentive to Gantstein Esquire, LLC., for an amount not to exceed $300,000 -- S. Livingston S. Livingston 3.SET DATE FOR NEXT MEETINGSET DATE FOR NEXT MEETING 4.STAFF REPORTSSTAFF REPORTS Receive Financial Report Receive Financial Report -- M. Dolby M. Dolby (a) 5.5.Board member comments regarding matters appearing on agenda; Recognition of Board member comments regarding matters appearing on agenda; Recognition of 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.AdjournAdjourn The La Porte Development Corporation Board reserves the right to meet in closed session on any The La Porte Development Corporation Board reserves the right to meet in closed session on any agenda item should the need arise and if applicable pursuant to authorization by Title 5, Chapter 551, agenda item should the need arise and if applicable pursuant to authorization by Title 5, Chapter 551, of the Texas Government Code (the Texas open meetings laws).of the Texas Government Code (the Texas open meetings laws). 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 April 13, 2015, agenda of items to be considered by the Board of the La Porte Development I certify that a copy of the April 13, 2015, agenda of items to be considered by the Board of the La Porte Development Corporation was placed on the City Hall Bulletin Board on April 7, 2015.Corporation was placed on the City Hall Bulletin Board on April 7, 2015.        Patrice Fogarty, City SecretaryPatrice Fogarty, City Secretary   REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA REQUEST FOR LA PORTE DEVELOPMENT CORPORATION AGENDA ITEMITEM April 13, 2015April 13, 2015AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: Source of Funds:Source of Funds: Scott D. Livingston Scott D. Livingston Requested By:Requested By: Account Number:Account Number: Administration Administration Department: Amount Budgeted:Amount Budgeted: Report:Resolution:Resolution:Ordinance:Ordinance: $300,000 $300,000 Amount Requested:Amount Requested: Exhibits: Budgeted Item:Budgeted Item:YESYESNONO 1. Project Introduction1. Project Introduction 2. Project Presentation2. Project Presentation 3. Proposed Floor Plan3. Proposed Floor Plan 4. Project Score Card w/Ganstein4. Project Score Card w/Ganstein 5. Public Hearing Posting5. Public Hearing Posting 6. Propsective Projects Financial Cash Flow 6. Propsective Projects Financial Cash Flow AnalysisAnalysis SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS The principals of Gantstein Esquire, LLC are considering the option of buying and investing approximately The principals of Gantstein Esquire, LLC are considering the option of buying and investing approximately $1.2 $1.2 to the former Texans Sports Bar and Grill at 10003 Spencer Hwy.  Please note the enclosed the former Texans Sports Bar and Grill at 10003 Spencer Hwy.  Please note the enclosed millionimproveimprove project materials for additional information. project materials for additional information.  The project principals are requesting an incentive in the amount of The project principals are requesting an incentive in the amount of to support the re to support the re--development of the development of the $300,000$300,000 vacant building and develop a new Pipeline Grill at this location.  The estimated payback period for $300,000 to this vacant building and develop a new Pipeline Grill at this location.  The estimated payback period for $300,000 to this proposed project is proposed project is .  Please note the enclosed Project Score Card..  Please note the enclosed Project Score Card. 3.54 years3.54 years  On 26 January 2015, the 4B Board voted and authorized staff to On 26 January 2015, the 4B Board voted and authorized staff to ““. . . . . . publish 60publish 60--day notice of a public hearing to day notice of a public hearing to consider awarding an economic development grant to Gantstein Esquire, LLC, for an amount not to exceed consider awarding an economic development grant to Gantstein Esquire, LLC, for an amount not to exceed $300,000 or equal to 25% of the project expenditures not to exceed $300,000$300,000 or equal to 25% of the project expenditures not to exceed $300,000””.  .  On Thursday, 5 February 2015, On Thursday, 5 February 2015, staff published public notice in the staff published public notice in the of a hearing to be held more than 60 days later on 13 April of a hearing to be held more than 60 days later on 13 April Bay Area ObserverBay Area Observer 2015.  Project UpdatesProject Updates   To date, the project principals have:  To date, the project principals have:    Closed on the purchase of the subject property,Closed on the purchase of the subject property, Submitted Submitted to the City of La Porte (CLP) on 2/25/15, which were approved by staff on to the City of La Porte (CLP) on 2/25/15, which were approved by staff on demolitiondemolitionplansplans 3/6/15,  Submitted a request for an Submitted a request for an to the CLP, which was approved by staff on 3/10/15, to the CLP, which was approved by staff on 3/10/15, electricalelectricalpermitpermit Submitted a request for a Submitted a request for a to the CLP on 2/25/15, which was approved by staff on 3/9/15, to the CLP on 2/25/15, which was approved by staff on 3/9/15, zoning permitzoning permit Submitted Submitted to the CLP on 3/24/15, and staff completed a plan review 3/25/15.  Staff and the to the CLP on 3/24/15, and staff completed a plan review 3/25/15.  Staff and the remodel plansremodel plans contractor are still discussing some plan review items,contractor are still discussing some plan review items, Submitted Submitted to the Harris County Health Department (HCHD), which is required to receive a to the Harris County Health Department (HCHD), which is required to receive a building plansbuilding plans food service permit from the HCHD and, subsequently, a building permit from the City of La Porte,food service permit from the HCHD and, subsequently, a building permit from the City of La Porte, Have received a Have received a from the TABC, which may be used by the Pipeline Grill or transferred to from the TABC, which may be used by the Pipeline Grill or transferred to liquor licenseliquor license another tenant,another tenant, Discovered that all the grease lines in the floor of the kitchen are clogged beyond repair and will have to be Discovered that all the grease lines in the floor of the kitchen are clogged beyond repair and will have to be torn out and replaced, torn out and replaced,  Discovered that all the metal studs in the kitchen, which were previously planned to be saved and reDiscovered that all the metal studs in the kitchen, which were previously planned to be saved and re--used, will have to be torn out and replaced,will have to be torn out and replaced, Discovered that the fire suppression system will have to be brought up to code, andDiscovered that the fire suppression system will have to be brought up to code, and Discovered that the restroom facilities will have to be expanded and brought up to the standards outlined in Discovered that the restroom facilities will have to be expanded and brought up to the standards outlined in the current building code. the current building code.  Action Required by the La Porte Development Corporation:Action Required by the La Porte Development Corporation: Consider approval or other action authorizing staff to award an economic development incentive to Gantstein Consider approval or other action authorizing staff to award an economic development incentive to Gantstein Esquire, LLC for an amount not to exceed $300,000.Esquire, LLC for an amount not to exceed $300,000. Approved for the La Porte Development Corporation AgendaApproved for the La Porte Development Corporation Agenda Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate 6 January 2015 City of La Porte Development Corporation 604 W. Fairmont Parkway La Porte, Texas 77571 Attn: Board of Directors tƩƚƦƚƭĻķ tƩƚƆĻĭƷ /ƩźƷĻƩźğ ‘ƚƩƉƭŷĻĻƷ 1.Gantstein Esquire, LLC is a commercial development company that specializes in rehabilitating underutilized commercial buildings and turning them into revenue and tax generating assets. 2.Gantstein Esquire, LLC is currently negotiating the purchase of a 9,000 square foot restaurant, formally known as and the concrete parking lot adjoining the property to the east, both located at 10003 Spencer Highway, La Porte, Texas 77571. Our goal is to finalize the purchase of the existing, vacant building and renovate the exterior and interior of the building. The current building is a pre-engineered steel building with a stucco veneer. Our goal is to renovate the exterior to a more architecturally pleasing design. We would like to install a new Texas limestone veneer to the existing stucco facades, remove the damaged wood patio covers, install new steel exterior dining patio structures with tongue and groove, stained wood roof decking and soft lighting, install outdoor televisions and exterior patio dining tables and chairs under the dining structures, remove portions of the overbearing concrete landscape planters, remove portions of the overgrown landscaping and re-landscape, remove the neon colored plastic palm trees and update the overall look of the property. The interior of the building would undergo a complete remodel to allow for a new dining lay-out, new kitchen equipment, private banquet room & private patio with seating for 75 people. This will allow for banquets, meetings and special events. 3.Gantstein Esquire, LLC would like to begin the project as soon as possible so the project can be complete by the summer of 2015. 4.Gantstein Esquire, LLC is interested in conducting business in La Porte because we feel it is a growing community that could benefit from commercial development located east of Underwood Road. We also believe the City of La Porte could benefit from our family friendly restaurant con www.pipelinegrill.com for additional information. We currently have this concept located in one of our redeveloped shopping centers in Baytown, Texas. The concept was an instant success at this location, offering American fare in an oil themed, family friendly atmosphere. The restaurant serves large portions of quality food for the value minded patron. We would also have our catering services operating within the same facility. Our catering concept delivers to both public and private entities along the ship channel, including La Porte, Deer Park, Pasadena and Houston. The overall theme and décor of the restaurant is vintage and antique oil signs, gas pumps and other oil memorabilia. Pipeline Grill is a community focused restaurant concept that would like to become a 1 be they police, fire fighters or EMS employees for their service to the community. We also offer discounts to educators to show our appreciation for the services they provide to the community as well. Pipeline Grill donates to various community activities such as little league, school supported functions and non-profit community organizations. 5.Gantstein Esquire, LLC would like to receive a $300,000 grant from the City of La Porte Development Corporation in order to assist us in redeveloping the existing building. This will allow us to update the existing 6.The current taxable value of the building is $1,103,272. This taxable value will be adjusted to the purchase price of the building which is $560,000. 7.In a short time, Gantstein Esquire, LLC will begin the renovation of the property and raise the values as stated below: A.Taxable value of equipment to be relocated: $0.00 B.Taxable value of new equipment to be purchased: $400,000 C.Taxable value of improvements to existing building: $800,000 D.Taxable value of new building construction: (Included in the above $800,000) E.Taxable inventory to be relocated /added: $0.00 F.Taxable retail sales to be added: $4,000,000 G.Taxable value of any other real property or business personal property additions: $100,000 8.Pipeline Grill will relocate 3 existing employees to the La Porte location. 9.There will be 100 new employees hired as a result of Pipeline Grill. There will be 40 new full time positions and 60 part time positions. 10.Pipeline Grill utilizes high school students for host and to go positions. There will be 15 positions for high school students. Pipeline Grill has an excellent reputation for working around the complex schedules of students. We adjust the students work schedules to fit around school activities, extracurricular school activities, family activities and church activities. All positions at Pipeline Grill are paid positions. There are no unpaid internships. When a student joins the Pipeline Grill family, they are treated with the upmost respect and paid for their contributions. 11.The employee breakdown for Pipeline Grill is as follows: a.Host: 15 employees @ $7.25 per hour b.Bussers: 8 employees @ $3.45 per hour plus tip pool c.Bartenders: 7 employees @ $2.75 per hour plus tips d.Servers: 40 employees @ 2.13 per hour plus tips e.Kitchen: 25 employees @ $9.00 to $11.00 per hour f.Managers: 5 employees @ $35,000 per year. 2 12.Gantstein Esquire, LLC is seeking the assistance from the La Porte Development Corporation in order to upgrade the existing building to allow for the opening of the Pipeline Grill concept. Without the assistance from the Development Corporation, Gantstein Esquire, LLC has two possible options. The first option would be to not finalize the purchase of the property. The second option would be acquiring the existing building and seek a commercial lease from a third party user. Gantstein Esquire would offer a small tenant improvement allowance that will allow the third party tenant a small portion of funds to help with the interior renovations only. The funds allowed will only cover a small portion of the interior work required to ready the facility for the new tenant. The funds offered would not be enough to renovate the exterior of the building. The facility could end up any number of possible commercial uses. However, we feel the best use of the building would be the Pipeline Grill restaurant concept. This use will provide the most taxable revenue and highest property value for the existing facility. Gantstein would request a grant from the Development Corporation in the amount of $300,000. I would like to personally thank the Board of Directors for their consideration in this matter. If I may be of further assistance, please contact me at your earliest convenience. Regards, Kris Gant Gantstein Esquire, LLC 3 tźƦĻƌźƓĻ DƩźƌƌ ǞǞǞ͵ƦźƦĻƌźƓĻŭƩźƌƌ͵ĭƚƒ ΛhŅŅźĭĻΜ ААЉЊЎ 9ƭƨǒźƩĻͲ \[\[/ ƉŭğƓƷЊЊθǤğŷƚƚ͵ĭƚƒ ΛCğǣΜ ЌЌЌ CƩĻĻƦƚƩƷ {ƷƩĻĻƷ IƚǒƭƷƚƓͲ Ļǣğƭ ЋЊЉЉ ЋЍЌЍ DğƓƷƭƷĻźƓ DğƓƷ ΏΏ ЍЎЉ ЍЎЎ YƩźƭ ΏΏ АЊЌАЊЌ THURSDAY, FEBRUARY 5, LEGAL/PUBLIC NOTICES $9.50 per column inch LIQUOR LEGAL NOTICES $10.50 per column inch LEGAL/PUBLIC SERVICES HELP WANTED Houston Yacht Club RETIRED NOTICES LAWYER/Is Now Taking Applications For Housekeeping JUDGE May be subject to background check/drug test. Available To To Place Legal and Public Notices: Please Apply In Person Wednesday – Sunday Prepare Wills, Email editor@bayareaobserver.com or Call 281-907-3140 Powers of Attorney. 3620 Miramar, La Porte Living Wills etc, 281-471-1255 City of La Porte Solicitations: Probate Wills & Estates, Now Hiring The City of La Porte Sealed Bid #15006 – D Street Ditch Outfall Improvements will be ac - Authorized To cepted until 2:00 p.m. on Tuesday February 17, 2015, at the City Hall Information Desk, Air Technician Turnaround Attendant Perform Marriage located at 604 W. Fairmont Pkwy., La Porte, TX 77571. Solicitations will be opened and read Perform Marriage Perform Marriage Ceremonies immediately following the closing hour. For information to register and bid, visit: www.pub Total Safety is Hiring Air Technicians for the 2015 Turn - - Will Come licpurchase.com. For questions, contact purchasing@laportetx.gov. - To Your Home around experience, stable work history, must also possess NOTICE OF PUBLIC HEARING a valid drivers license with a good driving record. Apply Reasonable Rates online at www.totalsafety.com/careers Job #14-0623 Ap - Joe M. Pirtle ON SPECIAL CONDITIONAL USE ply Today; Get Hired Tomorrow! Telephone & Fax PERMIT # 14-91000003 (281) 942-9268 CAREGIVER IN LA PORTE Notice is hereby given that the La Porte City Council will conduct a public hearing at 6:00 P.M. on the 23rd day of February, 2015, in the Council Chambers of the City Hall, 604 West PERSONAL CARE HOME GET FREE VENDING MAFairmont Parkway, La Porte, Texas, in accordance with the provisions in Section 106-171 of - the City of La Porte’s Code of Ordinances, and the provisions of the Texas Local Government CHINES! All Cash-New Con - Caregiver in small pleasant La Porte Personal Care Home. Code. cept. No Competition, Ground Only 4 residents. Other caregivers. Previous elder care ex - Floor Opportunity, Part or Full The purpose of the public hearing is to receive public input on Special Conditional Use Permit perience in a facility. Meals included. Full or Part-Time. #14-91000003, requested for a 6,250 square foot tract described as Lots 1 and 2, Block 789, Time, Protected Territories. Full MUST LIVE IN OR NEAR LA PORTE. Town of La Porte. Medders Construction Inc. is seeking approval of a Special Conditional Use Details Call Now, 1-866-668- Permit to allow for the development of the site as an off-site parking lot with awning cover for References, drug & criminal background check. 6629: WWW.TCVEND.COM. their main facility located across W. C Street at 311 S. 16th Street. The subject site is located at Visit www.rosegardenpersonalcarehome.com RUN YOUR OWN Medical Visit www.rosegardenpersonalcarehome.com the southeast corner of S. 16th Street and W. C Street and is zoned GC, General Commercial. E-mail: rosegardenpch@aol.com. alert company. Be the only Per Section 106-441 of the Code of Ordinances, a Special Conditional Use Permit is required Fax: (281)-867-5701 or call (281)-470-6000. distributor in your area! Excelfor the development of “off-site parking.” Call Bob Andrews between 1:00 and 4:30 daily. - lent income opportunity. Small Following the public hearing, the City Council will act upon the public hearing item and con - investment required. Limited duct other matters pertaining to the Council. Houston Yacht ClubHouston Yacht Club available, start today, 1-844- Citizens wishing to address the Council pro or con during the public hearing are required to 225-1200. Is Now Taking Applications For sign in before the meeting is convened. Maintenance CITY OF LA PORTE ATTENTION DRIVERS Patrice Fogarty, City Secretary Experience Preferred New Kenworth trucks! APU May be subject to background check/drug test. equipped, earn up to 50¢ cpm In compliance with the Americans with Disabilities Act, the City of La Porte will provide for Ask For Will reasonable accommodation for persons attending public meetings. To better serve attendees, Please Apply In Person Wednesday – Sunday requests should be received 24 hours prior to the meetings. Please contact Patrice Fogarty, rider/pet program. CDL-A re 3620 Miramar, La Porte - City Secretary, at 281.470.5019. quired. 1-877-258-8782, www.281-471-1255 ad-drivers.com NOTICE OF PUBLIC HEARING Curran House AVERITT EXPRESS New Pay International Parents Increase For Regional Drivers! LA PORTE DEVELOPMENT 40¢ to 46¢ CPM + Fuel Bonus! Seeking Sandblasters/Coat- Dedicated couple needed CORPORATION BOARD (TYPE B BOARD) Also, Post-Training Pay In ers. Must be able to pass - for full-time live-in position crease for Students! (Depending Safety Council Classes, caring for up to 10 children. Notice is hereby given that the La Porte Development Corporation Board (Type B Board) on Domicile) Get Home EVBasic Plus, Drug Testing, & One parent may work off- on Domicile) Get Home EVon Domicile) Get Home EV- Notice is hereby given that the La Porte Development Corporation Board (Type B Board) of the City of La Porte, Texas will conduct a public hearing at on the 5:00 p.m.13th day of campus. Part-time positions be able to travel out of state of the City of La Porte, Texas will conduct a public hearing at 5:00 p.m.13th day of April, 2015, in the Council Chambers at City Hall, 604 West Fairmont Parkway, La Porte, available. Must be able to CDL-A required. 1-888-602- for long periods of time. April, 2015, in the Council Chambers at City Hall, 604 West Fairmont Parkway, La Porte, Texas. The purpose of the public hearing is to receive public input on a proposed project by pass criminal background Texas. The purpose of the public hearing is to receive public input on a proposed project by 7440 Apply @ AverittCareers.Must have TWIC card to the La Porte Development Corporation in an amount not to exceed $300,000.00, to promote check and have a good driv- the La Porte Development Corporation in an amount not to exceed $300,000.00, to promote com EOE - Females, minorities, apply. Fax resumes ing record. other related improvements for infrastructure at property at 10003 Spencer Hwy, on behalf of protected veterans, and individ 281-339-9994 Please call - other related improvements for infrastructure at property at 10003 Spencer Hwy, on behalf of Gantstein Esquire, LLC. uals with disabilities are encour or Email: 281-471-9622 - aged to apply. hhummer@curranintl.com or email Persons wishing to address the Board pro or con shall be required to sign in before the meet - Persons wishing to address the Board pro or con shall be required to sign in before the meet or apply in person at ing is convened. jjeter@ MAKE A CHANGE this Fall. 4610 Vicksburg Lane boysandgirlsharbor.org PAM has owner operator and CITY OF LA PORTE Dickinson, TX 77539 for more information or to company driver. Team positions Patrice Fogarty, TRMC between 9am - 3pm Patrice Fogarty, TRMC City Secretary available based out of Laredo, Mon-Fri TX. Laredo, TX to Detroit, MI. A quorum of City Council members may be present and participate in discussions during this Off 2 days per week. Idea candi A quorum of City Council members may be present and participate in discussions during this - NEEDING PASTURE for cows. Advertising meeting, however, no action will be taken by Council. date will live in 50 mile radius of Laredo TX; Irving, TX; North This facility has disability accommodations available. Requests for accommodations or inter or wheat. Cattlemen’s II. Call Works! - This facility has disability accommodations available. Requests for accommodations or inter Little Rock, AR; Memphis, TN; pretive services at meetings should be made 48 hours prior to the meeting. Please contact the Gene Hommel, 1-806-669-8766 pretive services at meetings should be made 48 hours prior to the meeting. Please contact the Indianapolis, IN: Detroit, MI. or 1-806-856-5984. - Let Our Readers tion. Call PAM; 1-855-899-6916 or See Your Business SAWMILLS FROM ONLY pamjobs.com $4397.00. Make and save money with your own bandmill. In stock YOUR PARTNER in excel SPRING SPLURGE The - ready to ship. FREE Information/ lence. Drivers needed. Great Bay Area DVD: www.NorwoodSawmills. home time $650 sign-on bonus! CRAFTS & VENDORS FAIR com 1-800-578-1363 Ext.300N All miles paid 1-800-528-7825 Observer BAKE SALE & CONCESSIONS or www.butlertransport.com SCHOOL/TRAINING MEDICAL BILLING TRAIN SATURDAY, FEBRUARY 28TH, 10AM - 4PM - 25 DRIVER TRAINEES Call EES needed! Train to process NEEDED! Learn to drive for FREE ADMISSION medical billing and insurance Josie Smith Stevens Transport! No experi BAYSHORE BAPTIST CHURCH - claims from home! No experi - ence needed! Paid CDL train 11315 SPENCER HWY, LA PORTE, TEXAS ence needed! Online training - 281-702-1935 ing! New drivers can earn $800 program! HS Diploma/GED SPACES ARE STILL AVAILABLE per week! 1-866-861-1323, and PC/Internet needed! 1-888- CONTACT 281-471-0332 drive4stevens.com 926-6073 REAL ESTATE HANDGUN CLASSESPHARMACY This is an Unaudited Statement. City of La Porte La Porte Development Corporation Fund Projections (Section 4B Sales Tax) FY 2014-15FY 2015-2016FY 2016-2017FY 2017-2018 Estimated Beginning Funds$ 3,313,389$ 1,657,240$ 2,298,280 2,092,855 Plus Year to Date Revenues: 1/2 Cent Sales Tax 2,208,630 2,252,803 2,297,859 2,343,816 Interest Income 4,500 4,590 4,682 4,775 Release of District 23 175,000 Release of Project Nebula/Ineos 700,000 Total Revenues 2,388,130 2,957,393 2,302,540 2,348,591 Equals Total Resources 5,701,519 4,614,633 4,600,820 4,441,446 Less Year to Date Expenditures: Payroll 100,367 103,378 106,479 109,674 Supplies 3,000 3,075 3,152 3,231 Services & Charges (Memberships, Training, Advertising, Legal, Utilities) 331,427 339,713 348,205 356,911 Capital Outlay - - - * Debt Service Transfer 1,083,817 680,668 698,519 1,026,610 Total Expenditures 1,518,611 1,126,834 1,156,356 1,496,425 Estimated Year to Funds Before Commitments$ 4,182,908$ 3,487,799$ 3,444,465$ 2,945,021 Commitments Project Nebula/Ineos**$ 700,000 Richard Industrial Group 10,000 ACT Independent Turbo Service, Inc. 260,000 166,000 $ - Current Prospective Projects 875,000 325,000 $ 325,000 - Debt Service Reserve 680,668 698,519 $ 1,026,610 1,037,783 $ 2,525,668$ 1,189,519$ 1,351,610$ 1,037,783 Adjusted Year to Date Funds$ 1,657,240$ 2,298,280$ 2,092,855$ 1,907,238 Previously Funded Projects (Funding in Fund 015 - General CIP Fund) BudgetExpendituresBalance Enhancement Grants 300,000 81,570 218,430 Total 300,000 81,570 218,430 *Debt Service Payments for Library, Bay Area Boulevard & Canada Road and Ballfields. **EDC Coordinator awaiting termination letter. C:\\attachedFiles\\10000120\\uploaded\\1427825768_at.xlsxPage 1 This is an Unaudited Statement. City of La Porte La Porte Development Corporation (038) Fund Summary (Section 4B Sales Tax) Previous ReportFY 2014-15FY 2013-14 Unaudited Beginning Fund Balance 9/30$ 3,322,635$ 3,322,635$ 2,768,155 Plus Year to Date Revenues: 1/2 Cent Sales Tax 217,072 649,604 569,498 Interest Income 1,380 1,958 2,007 Total Revenues 218,452 651,562 571,505 Equals Total Resources 3,541,087 3,974,197 3,339,660 Less Year to Date Expenditures: Payroll 22,739 38,226 26,704 Supplies 110 441 411 Services & Charges (Memberships, Training, Advertising, Legal, Utilities) 117,326 127,013 78,950 Capital Outlay - - 32,083 * Debt Service Transfer 270,954 451,590 395,227 Total Expenditures 411,129 617,271 533,376 Estimated Year to Date Fund Balance as of 2/28/2015$ 3,129,958$ 3,356,926$ 2,806,284 Commitments Project Nebula/Ineos**$ 700,000 Richard Industrial Group 10,000 ACT Independent Turbo Service, Inc. 426,000 Debt Service Reserve 1,083,817 $ 2,219,817 Adjusted Year to Date Fund Balance$ 1,137,109 Projection Through Year End Adjusted Year to Date Fund Balance$ 1,137,109 Plus: Estimated Sales Tax 1,559,026 Plus: Transfer from CIP for District 23 Street Paving (recinded by 4B) 175,000 Less: Estimated Operational Costs (269,113) Less: Debt Service Transfers (632,227) Projected Year End Fund Balance$ 1,969,795 Sales tax revenues for Fiscal Year 2015 are estimated to be $2,208,630. (2.5% growth over FY2014) Previously Funded Projects (Funding in Fund 015 - General CIP Fund) BudgetExpendituresBalance Façade Grants 300,000 81,570 218,430 Total 300,000 81,570 218,430 *Debt Service Payments for Library, Bay Area Boulevard & Canada Road and Ballfields. **EDC Coordinator awaiting termination letter.