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Council approves up to $850,000 incentive for Pfeiffer & Sons expansion tied to West Polk Street repairs
Summary
Council approved the La Porte Development Corporation spending authorization of up to $850,000 to support street repairs in an economic incentive agreement with Pfeiffer & Sons Ltd.; the company commits to at least $886,246.52 in investment, creation of at least eight jobs, and $1,180,000 in taxable resale sales by 2029.
The La Porte City Council authorized an expenditure of up to $850,000 from the La Porte Development Corporation in connection with an incentive agreement for Pfeiffer & Sons Ltd.
Staff said Pfeiffer & Sons will invest a minimum of $886,246.52 and construct an employee parking lot as part of an expansion. As conditions of the incentive the company must create at least eight new full‑time equivalent jobs by 2029 and generate at least $1,180,000 in taxable resale sales by 2029. Instead of a direct cash grant, staff proposed using funds to repair West Polk Street (drainage, curb and gutter, and a new concrete roadway) to address erosion and access problems in front of the company’s building.
The La Porte Development Corporation had approved the agreement at a prior meeting, and council voted to approve the expenditure at this meeting. The motion carried without recorded opposition.
