06-27-16 Meeting of the La Porte Development Corporation Board of Directors

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WHEREAS, Texas law and the by-laws of the LPDC require that certain expenditures and projects by the LPDC be approved by the governing body of the City; and whereas the LPDC Board has duly approved such project and the expenditures for same have been authorized by the La Porte City Council; and NOW THEREFORE, in consideration of the covenants and conditions stated herein, and in consideration of the mutual benefits that will accrue to each of the parties hereof, as well as to the citizens of the City of La Porte, Texas, the parties have agreed and do hereby agree as follows: ARTICLE I In consideration of Recipient consolidating its business operations at the Business Site, which proposal was considered in that certain public hearing authorizing a proposed project for the expenditure of LPDC funds for the creation and retention of primary jobs and the development, retention, or expansion of manufacturing and industrial facilities, held before the LPDC on 27 June 2016, LPDC agrees to provide Recipient an incentive package consisting of cash payments in a total sum not to exceed $230,000.00, to be distributed in five increments of $50,000.00,$50,000.00, $40,000.00,$40,000.00, and $50,000.00, with each distribution conditioned on 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 all of the following items by 31 January 2017: (1) Copy of a properly executed commercial lease agreement for Recipient’s lease of at least 100,000 square feet of space at 359 Pike Court, La Porte, Texas for a minimum five (5) year primary term. (2) Proof of Certificate of Occupancy issued by the City of La Porte, Texas to Recipient for completion of improvements at the Business Site. (3) Proof of minimum capital investment in the amount of at least $140,000.00 toward real and/or business personal property improvements of the Business Site, which shall be verified by submission of proof of all of the following: a) Copies all applicable invoices and receipts of payment; b) Pictures showing proof of completed improvements; c) Copies of all applicable certificates, permits, and final inspection reports required by the City of La Porte, Texas; and (4) Proof of employment of at least fifty-five (55) full time employees at the Business Site, which shall be established by submission to LPDC, by the said deadline, of the following: 2 10