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New, annual taxable retail sales of $1.5 million for payment #3 and $2.5 million for payments #4 New, annual taxable retail sales of $1.5 million for payment #3 and $2.5 million for <br /> payments #4 <br />and 5; andand 5; and <br />Minimum five (5) year lease, andMinimum five (5) year lease, and <br />The City will support the companyThe City will support the company’’s application to the Texas Enterprise Zone Program, Texas s application to the Texas Enterprise Zone Program, Texas <br /> <br />Skills Development Fund, and any other StateSkills Development Fund, and any other State--sponsored incentive programs. sponsored incentive programs.  <br />Each payment identified above is contingent upon Northern Safety meeting specific performance Each payment identified above is contingent upon Northern Safety meeting specific performance <br /> <br />benchmarks and providing evidence of such performance to the Board. With the revised project benchmarks and providing evidence of such performance to the Board. With the revised project <br /> <br />estimates, the payback period is 4.65 years.   estimates, the payback period is 4.65 years.    <br />The La Porte Development Corporation approved the development agreement with Northern Safety The La Porte Development Corporation approved the development agreement with Northern Safety <br /> <br />Company, Inc in an amount not to exceed $230,000.Company, Inc in an amount not to exceed $230,000. <br />Action Required of Council:Action Required of Council: <br />Consider approval or other action of the La Porte Development Corporation BoardConsider approval or other action of the La Porte Development Corporation Board’’s execution of a s execution <br /> of a <br />Development Agreement with Northern Safety Company, Inc. for an economic development incentive in Development Agreement with Northern Safety Company, Inc. for an economic development <br /> incentive in <br />an amount not to exceed $230,000.an amount not to exceed $230,000. <br />Approved for City Council AgendaApproved for City Council Agenda <br />Corby D. Alexander, City ManagerCorby D. Alexander, City ManagerDateDate <br /> <br />