06-24-19 Regular Meeting of the La Porte Development Corporation Board

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employed by Recipient for positions permanently located at the Styrene Monomer Project site. In the case that written proof of all aforementioned items are presented to LPDC no later than one year after payment of the second of the two (2) $250,000.00 incentive payments, 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 Paragraph 3, from Recipient. Upon verification of the completion of all the 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 $200,000.00 to Recipient within a period not to exceed thirty (30) days. B. As a condition for the receipt and retention of each of the referenced cash incentive payments as provided in this Article I, and as required by Texas Local Government Code section 501.158, Recipient shall provide to LPDC verification that it has satisfied the performance thresholds outlined in Paragraph 3(a-c) above. C.Recipient will expend the cash incentive payments only towards the construction and completion of the Styrene Monomer Project and other related purposes authorized by Texas Local Government Code Chapters 501 and 505. ARTICLE II Disbursement and/or retention of the cash incentive payments identified in Article I of this Agreement shall be subject to the satisfaction of the conditions precedent or conditions subsequent contained within Article I of this Agreement as applicable for each project. obligation to Recipient shall not exceed $700,000.00 for the Styrene Monomer Project. ARTICLE III Recipient understands that the funds paid to Recipient by the LPDC are derived from tax revenues collected under Texas Local Government Code 505.252, and that LPDC has estimated the tax revenues to be collected during the term of this Agreement. Recipient further understands, acknowledges, and agrees that if the tax revenue actually collected is less than 80% of the estimated tax revenues to be collected in any 2 of 3 successive fiscal years during the term of this Agreement and prior to the year Recipient is otherwise entitle to receive a cash incentive payment pursuant to this Agreement, LPDC will be entitled to terminate all further payments to Recipient during or after the fiscal year for which there is a revenue shortfall; provided, Recipients obligations with respect to the project so affected shall likewise be terminated. ARTICLE IV