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

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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 $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 $50,000.00 payment be made by LPDC if written proof of all aforementioned items is not delivered to and received by st LPDC by 31 October 2020. In the case that written proof of all st aforementioned items is presented to LPDC on or before said 31 October 2020, 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 $50,000.00 to Recipient within a period not to exceed thirty (30) days. D. Notwithstanding the foregoing, if for any Year of Operation, as that term is defined in this Section, Recipient provides proof that all business personal property owned by the Recipient at the Business Site, including 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 the given tax year; and Recipient employs at least minimum employees as laid out above of 55 year one, 65 year two, 75 year three, 100 year four and 120 in the final year of full-time employees at the Business Site; and the Recipient generates taxable sales that do not meet or exceed the Baseline Sales Tax Revenue Amount by $2,5,000,000.00, then the Recipient will only be eligible for a pro rata share of the proposed annual payment based on the percentage of the achieved sales tax. but the Recipient’s annual taxable sales do meet or exceed the Baseline Sales Tax Revenue Amount by at least 80% of the taxable sales identified in each payment under this Section, then in that case Recipient shall be entitled to a pro rata share of the 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 80% in a given Year of Operation, then Recipient shall be entitled to no portion of the installment, for that Year of Operation. In accordance with the preceding paragraph, if after the conclusion of a Year of Operation, but no later than 120 days after the conclusion of the Year of Operation, the Recipient submits proof that it exceeded the Baseline Sales Tax Revenue Amount as reflected in the Sales Tax Analysis and Reporting Service (STARS Report for Quarter #4 of 2015) by at least $2,000,000.00, but less than $2,500,000.00, then in that event the LPDC shall convene a meeting of the 7 15