O-2007-3046 - Laserfiche WebLink

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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 thirty-six (36) month period following the date of the initial distribution of funds by the LPEDC. All funds received as herein provided shall be expended solely for the purpose of assisting Recipient in locating its new facility to the City of La Porte at the following location: 1802 West D Street, more particularly described by metes and bounds description as reflected Exhibit A, attached to this agreement, and incorporated by reference for all purposes. ARTICLE II Disbursement of the $50,000.00 cash incentive identified in Article I of this Agreement shall be made as follows: A. Disbursement shall be made to Recipient, subject to the satisfaction of the conditions precedent contained with Article I of this Agreement, upon its written request for funds to the LPEDC, in conjunction with presentation of appropriate documentation evidencing that it has met said conditions precedent for receipt of funds under Article I of this Agreement. B. LPEDC and City's obligation to Recipient shall not exceed $50,000.00, nor shall LPEDC or City be obligated to reimburse Recipient for requests delivered to LPEDC or City after the termination of this Agreement. C. If Recipient receives and holds funds obtained pursuant to this Agreement in advance of paying the expenses for which reimbursement is made, Recipient shall establish a separate bank account to deposit funds in order to avoid commingling of the funds with Recipient's other funds and accounts. ARTICLE III Recipient understands that the funds paid to Recipient by the LPEDC and authorized by City are derived from tax revenues collected under Texas Revised Civil Statutes Anno. Art. 5190.6 Section 4B, et seq., and that LPEDC and City have estimated the tax revenues to be collected during the term of this Agreement. Recipient further understands, acknowledges, and agrees that if the tax revenue actually collected is less than the estimated tax revenues to be collected during the term of this Agreement, LPEDC will be under no obligation to provide funding to Recipient for the full amount set forth in Article I, above. ARTICLE IV If Recipient at any time during the duration of this Agreement shall fail to meet any of the job creation and gross sales performance standards outlined in the schedule contained in Article I of this Agreement, LPEDC shall have the right to reclaim and recapture any and all cash incentive funds previously disbursed to Recipient, whether or not such disbursements have been spent by Recipient at 4