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<br />ECONOMIC DEVELOPMENT INCENTIVES GRANT AGREEMENT <br /> <br />STATE OF TEXAS <br /> <br />9 <br />9 <br />9 <br /> <br />COUNTY OF HARRIS <br /> <br />THIS ECONOMIC DEVELOPMENT INCENTIVE,) ~RANT AGREEMENT; hereinafter <br />"Agreement" is made by and entered into this .fI- day of JuO-trn8t'1 , 2007 <br />between the City of La Porte, Texas, a Texas home-rule municipal corporation <br />hereinafter referred to as "City", and WesMor Cryogenic Manufacturing, LTD., <br />hereinafter referred to as "Owner". <br /> <br />RECITALS: <br /> <br />Whereas, the City is authorized, pursuant to Chapter 380 of the Texas Local <br />Government Code, to establish and provide for the administration of one or more <br />programs, including programs for making loans and grants of public money, to promote <br />state or local economic development and to stimulate business and commercial activity <br />in the City; and <br /> <br />Whereas, Owner proposes to establish a cryogenic tank and vessel <br />manufacturing facility at 1802 West D Street, La Porte, Texas 77571 which is located <br />within the city limits of the City of La Porte, Texas; and <br /> <br />Whereas, it is anticipated that Owner's business will employ additional personnel <br />thereby creating new employment opportunities in the City as well as generating a new <br />source of sales tax revenues; and <br /> <br />Whereas, to encourage Owner to establish such offices for its cryogenic tank and <br />vessel manufacturing business within the City of La Porte, Texas the City desires to <br />grant Owner, under the terms and conditions set forth in this Agreement, a certain grant <br />of public money consisting of a payment to Owner of funds from the collection of sales <br />tax revenues that are generated by said business within the City of La Porte, Texas. <br /> <br />NOW, THEREFORE, in consideration of the mutual benefits and premises <br />contained in this Agreement and for other good and valuable consideration, the receipt <br />and sufficiency of which is hereby acknowledged, the parties agree as follows: <br /> <br />ARTICLE I <br /> <br />1. Authorization. This City is authorized to enter into this Agreement pursuant to <br />Section 380.001, et seq. of the Texas Local Government Code. <br /> <br />2. Definitions. "Sales Tax" means the tax that is charged by the Owner on the sale <br />of taxable goods and services in the scope of their business transactions which is <br />transmitted to the State Comptroller for sales tax purposes on a monthly basis. <br /> <br />3. Development Incentives. Grant of Public Money. <br /> <br />1 <br />