O-2007-3047 - Laserfiche WebLink

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a. The City agrees to grant a sum of public money to Owner from the annual sales tax revenues that are generated from Owner's business operations at its proposed cryogenic tank and vessel manufacturing facility at 1802 West 0 Street, La Porte, Texas 77571 within the City of La Porte, Texas. b. The Owner will be required to provide to the City proof that the sales tax benchmarks established in Table A, below, have been met when requesting a payment from the City by providing a copy of their monthly Sales Tax Report which is required by law to be filed with the State Comptroller's Office. Further, Owner understands that a yearly audit will be conducted by the City of La Porte and Owner agrees to cooperate fully with such audit. c. Three (3) equal payments of $20,000.00 will be paid at the end of each 12 month period during the term of this Agreement, upon submittal of written proof that Owner has satisfied the sales tax benchmarks in Table A, provided that such written proof is submitted at least one month in advance of the end of the 12 month period. Should the Owner exceed the yearly benchmarks established in Table A, Owner may make written request of City to accelerate payments based upon the established benchmarks in Table A. However, it is understood by Owner that the City is under no obligation to accelerate the payments if it determines that the request is not financially feasible for the City. Further, in no event shall the total payments made to the Owner by the City exceed $60,000.00 Table A Pa ment 1 Pa ment 2 Pa ment 3 Payment b Cit Minimum Taxable Sales by Owner $20,000.00 $20,000.00 $20,000.00 $3,000,000.00 $5,000,000.00 $5,500,000.00 d. All payments during the term of this Agreement are contingent upon the Owner attaining the benchmarks in Table A as they relate to the annual sales tax revenues generated by the Owner and payable to the City through the collection of sales tax revenue collected by the State Comptroller's Office. e. The initial payment request by Owner may be made anytime after the attainment of the first established sales tax benchmark listed in Table A above, but in no event shall Owner have more than 12 months from the effective date of this agreement to satisfy the first established sales tax benchmark and make a request for payment. Should Owner fail to satisfy the first established sales tax benchmark within the time specified in this paragraph then this Agreement shall automatically terminate and all obligations and/or liabilities of City under the Agreement shall become void and of no effect. Furthermore, Owner shall have no more than 12 months from the date of any previous payment by City to satisfy the next sales tax benchmark under Table A and make a request for payment. 2