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

Browse Search

c) Documentation evidencing that the Recipient generates taxable sales from the Business Site that is at least $2, 500,000.00 more than the amount of taxable sales generated from the st beginning of the 1 Quarter of 2015 through and including the th 4 Quarter of 2015 for activity at Recipient’s business at 301 E. Main Street in La Porte, Texas (“Baseline Sales Tax Revenue Amount” herein) as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #4 of 2015). In no case will the $40,000.00 payment be made by LPDC if written proof of all aforementioned items is not delivered to and received by LPDC by 31 October 2019. In the case that written proof of all aforementioned items is presented to LPDC on or before said 31 October 2019 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 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 $40,000.00 to Recipient within a period not to exceed thirty (30) days. 3) For the twelve (12) month period beginning 1 July 2019 and ending 30 June 2020(Year #3 of Operation), the final annual installment of $50,000.00 will be distributed to the Recipient by the LPDC, upon receipt by the LPDC of all required items as outlined below, by 31 October 2020: 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 2020; and b) Proof of employment of at least one hundred and twenty (120) 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 ii. A signed and notarized statement executed by an authorized officer or director of the Recipient affirming thatone hundred and twenty (120) full time 6 14