O-2007-3046 - Laserfiche WebLink

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ARTICLE I In consideration of Recipient locating its proposed manufacturing facility within the City of La Porte, as specifically described in that certain staff presentation and public hearing authorizing proposed expenditure of LPEDC funds for the promotion of said manufacturing facility, held before the LPEDC on January 22, 2007 (copies of appropriate minutes and documents are attached hereto and incorporated by reference and made a part of this Agreement for all purposes), LPEDC agrees to provide Recipient an incentive package consisting of cash payments in the total sum of $50,000.00, to be distributed in four installments, and which installment payments are conditioned upon Recipient's satisfaction of job creation and gross sales performance standards, under the schedule described below. The $50,000.00 cash incentive herein described shall be distributed as follows: 1) a cash incentive in the amount of $10,000.00 will be distributed when 1) the LPEDC is in receipt of a Certificate of Occupancy from the City of La Porte issued to Recipient for the operation of a cryogenic tank and vessel manufacturing facility, and which is applicable to land owned or leased by Recipient, and 2) at least 60 days have passed since the publication of notice for public hearing required under Texas Revised Civil Statutes Anno. Art. 5190.6 Section 48, et seq., for expenditure of 48 funds on a proposed project, without the filing of a petition with the City registering a protest to the proposed grant. 2) a cash incentive in the amount of $10,000.00 will be distributed after the conclusion of the twelve (12) month period following the date of the initial distribution of funds by the LPEDC, made pursuant to paragraph one (1) above, but not before the LPEDC has had the opportunity to verify that the following conditions have been met at the time of the proposed payment: a) Documentation demonstrating that 25 new full-time employees have been hired by Recipient from the start of operations (and which does not include employees transferred from Recipient's preexisting operations), is provided to LPEDC. Such documentation shall include Federal and State employment reports and monthly report to the Texas State Comptroller's office. b) WesMor has achieved annual gross sales of $3,000,000.00 since receipt of the first installment, pursuant to paragraph one (1), above, and documentation indicating same is provided to the LPEDC. c) WesMor provides all documentation required under this section relating to hiring of new employees and annual gross sales within 30 days after the conclusion of the 2