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paragraph, LPDC will then remit the $250,000.00 to Recipient within a period not to <br />exceed thirty (30) days. <br />2) a cash incentive payment in an amount equal to $250,000.00 will be distributed to <br />Recipient by LPDC, upon receipt by LPDC of documentation evidencing the <br />substantial completion of the Styrene Monomer Project, but in no event will such <br />documentation be accepted or the $250,000.00 incentive payment remitted, if such <br />documentation is not submitted on or before December 31, 2024. For purposes of this <br />agreement "substantial completion" shall be defined as that point in which construction <br />of the Styrene Monomer Project is eighty (80) percent complete, as certified in writing <br />by the project's engineer. <br />In the case that written proof of substantial completion is presented to LPDC by the <br />December 31, 2024 deadline, the LPDC shall convene a meeting of the LPDC Board <br />of Directors for a date no later than forty-five (45) days after receipt of proof of said <br />item, from Recipient. Upon verification of the requirement, as reflected by formal vote <br />of the LPDC Board of Directors that Recipient has satisfied the requirements of this <br />paragraph, LPDC will then remit the $250,000.00 to Recipient within a period not to <br />exceed thirty (30) days. <br />3) a cash incentive payment in the amount of $200,000.00 for the Styrene Monomer <br />Project will be distributed to Recipient one (1) year after payment of the $250,000.00 <br />incentive payment under subparagraph (2) immediately above, upon submittal to the <br />LPDC of documentation evidencing attainment of the following performance <br />thresholds: <br />a) Total taxable value of the Styrene Monomer Project site is assessed at a minimum <br />value of $330,000,000.00 by the Harris County Appraisal District. <br />b) Total capital investment for construction of the Styrene Monomer Project of a minimum <br />cost of $750,000,000.00. <br />c) Proof of employment of at least eighty-five (85) full-time employees at the Styrene <br />Monomer Project site with an average total annual compensation per additional full- <br />time employee of $100,000.00, which shall be established by submission to LPDC of <br />the following: <br />Copies of Recipient's 941 Report to the Internal Revenue Service and C3 <br />Report to the Texas Workforce Commission for each employee (but with <br />social security numbers of each employee redacted), and <br />ii. A signed and notarized statement executed by any authorized officer or <br />director of Recipient affirming that eighty-five (85) full time employees are <br />