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

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aforementioned items is not delivered to and received by LPDC by 31 October 2017. In the case that written proof of all aforementioned items is presented to LPDC on or before said 31 October 2017 deadline, 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 said items outlined in this Section B, by LPDC from Recipient. Upon verification of the completion of all aforementioned items, 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. C. A cash incentive payment in an amount equal to $130,000.00 will be distributed to the Recipient by the LPDC, in three annual installments of $40,000.00, $40,000.00 and $50,000.00, based on the following criteria: (1) For the twelve (12) month period beginning 1 July 2017 and ending 30 June 2018, (Year #1 of Operation), the first annual installment of $40,000.00 will be distributed to the Recipient by the LPDC, upon receipt by the LPDC of all required items as outlined below, by 31 October 2018: a) Documentation evidencing that the total taxable value of all property of the Recipient, at the Business Site, including interests in all business personal property owned by the Recipient, as well as equipment and inventory, is assessed at a minimum value of one and a quarter million dollars ($1,250,000.00) by the Harris County Appraisal District for tax year 2018; and b) Proof of employment of at least seventy-five (75) full-time employees at the Business Site, which shall be established by submission to LPDC, by the said deadline, of the following: i. Copies of Recipient’s 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with social security numbers of each employee redacted), and A signed and notarized statement executed by any authorized officer or director of the Recipient affirming thatseventy-five(75) full time employees are employed by Recipient for positions permanently located at the Business Site; and c) Documentation evidencing that the Recipient generates taxable sales from the Business Site that is at least $1,500,000.00 more than the amount of taxable sales generated from the 4 12