03-24-14 Meeting of the La Porte Development Corporation Board of Directors

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RIG must provide the LPDC with signed and notarized documentation that each of the full time employees reported to work at the office in La Porte, in fact work at the office in La Porte rather thansome other office. Copy of a signed and executed lease agreement for a minimum of 7,500 sf of space for a minimum term of three (3) years at 1200 SH 146, La Porte, Texas77571, The sum of $15,000 is expected to be paid in three (3) annual payments, each in the amount of $5,000 when the following conditions have been met each year: Continued occupancy of their lease in a minimum of 7,500 sf of space at 1200 SH o 146, La Porte, Texas77571, Annual submission of copies of the 941 and C3 Reports, either with annually o compiled data from each report or copies of the separate quarterly reports, Annual employment targets would be for each of the following minimum o thresholds: By 10/1/14--new, cumulative 20 minimum FTEs required, By 10/1/15--new, cumulative 40 minimum FTEs required, and By 10/1/16--new, cumulative 75 minimum FTEs required. If RIG doesn’t meet their FTE targets, then they won’t receive a payment of $5,000 for that year. Date of annual report to be made 1 October of each year If they break their lease, but pay out their lease to the owner of the building, build a facility in La Porte, and simply relocate their FTEs to another building in La Porte, then we’ll continue to make annual payments to RIG per the terms of this agreement until this agreement terminates at the end of the original three (3) year term. 24 March, 2014 Date of execution: January 2017 Date of termination not to exceed: Staff recommends that the Board vote to authorize Board President Richard Warren to sign and execute the enclosed development agreement with the Richard Industrial Group. Action Required by the La Porte Development Corporation Board: Consider approval or other action to authorize Board President Richard Warren to sign and execute the enclosed development agreement with the Richard Industrial Group.