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

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In consideration of Recipient renovating the existing structure at 1010 S. Broadway St., and continuing to operate a "Fischer's Hardware" store at the 1010 S. Broadway St site ("Store" herein), which proposal was considered in that certain public hearing authorizing a proposed project for the expenditure of LPDC funds for the promotion or development of new or expanded business enterprises, held before the LPDC on 11 November 2015, LPDC agrees to provide Recipient an incentive package consisting of cash payments in a total sum not to exceed $120,000.00, to be distributed in five separate payments of $50,000.00, $10,000.00, $20,000.00, $20,000.00, and $20,000.00, with each distribution conditioned upon the attainment of certain performance thresholds, more specifically outlined as follows: A. A cash incentive payment in an amount equal to $50,000.00 will be distributed to Recipient by LPDC, upon receipt by LPDC of: 1) Proof of minimum capital investment in the amount of at least $600,000 applied towards eligible and approved improvements of the Store and related infrastructure and site work. The renovation to the Store and related infrastructure for which the required capital investment is made, must, at a minimum, include the scope of work identified in Exhibit A, 2) Copies all applicable invoices and receipts of payment for the same invoices for all projects listed in Exhibit A, which were previously approved by the LPDC Board, and have been completed, 3) Pictures showing proof of completion of each of the projects identified in Exhibit A, which were previously approved- by the LPDC Board, 4) Copies of all applicable certificates, permits, and final inspection reports required by the City of La Porte, Texas, to the Recipient for completion of the renovated Store; 5) In no case will the sum of $50,000.00 be made by LPDC if all the required items listed in Article I above are not delivered to and received by LPDC by 28 February 2017. In the case that proof of all the required items listed in Article I above are presented to LPDC on or before said 28 February 2017 deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty- five (45) days. Upon verification of the completion of all items listed in Article I, 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 $50,000.00 to Recipient within a period not to exceed thirty (30) days. 6) Notwithstanding the foregoing requirements, Recipient will be entitled to receive a pro -rata portion of the $50,000.00 incentive payment in the K,