02-22-16 Meeting of the La Porte Development Corporation Board of Directors

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in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #2 of 2015), Recipient shall be entitled to a $20,000.00 installment payment at the end of Year 3 of operation. 4) Notwithstanding the foregoing, if in any Year of Operation, as that term is defined in this Section, Recipient generates sales tax revenue that does not meet or exceed the Baseline Sales Tax Revenue Amount by 20%, but does meet or exceed the Baseline Sales Tax Revenue Amount by at least 15%, then in that case Recipient shall be entitled to a pro rata share of the $20,000.00 installment payment made at the end of the applicable Year of Operation. However, in the case that Recipient fails to meet or exceed the Baseline Sales Tax Revenue Amount by at least 15% in a given Year of Operation, then Recipient shall be entitled to no portion of the $20,000.00 installment, for that Year of Operation. If after the conclusion of a Year of Operation, but no later than 90 days after the conclusion of the Year of Operation, the Recipient submits proof that it met or exceeded by 20% the Baseline Sales Tax Revenue Amount as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #2 of 2015), the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of such sales tax revenue data. Upon verification of same, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $20,000.00 to Recipient within a period not to exceed thirty (30) days. If after the conclusion of a Year of Operation, but no later than 90 days after the conclusion of the Year of Operation, the Recipient submits proof that it met or exceeded the Baseline Sales Tax Revenue Amount as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #2 of 2015) by at least 15% but less than 20%, then in that event the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of such sales tax revenue data. Upon verification of same, for qualification of pro rata payment, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit a pro rata share of the $20,000.00 amount as applicable, to Recipient within a period not to exceed thirty (30) days. For purposes of clarification only, the following two examples shall serve to illustrate the application of this paragraph: Example 1: If Recipient provides evidence of total sales tax revenue for a Year of Operation that exceeds the Baseline Sales Tax Revenue Amount by 7%, the incentive payment under this agreement would be $0.