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V4HEREAS, Trn,,xas law and the lby4avvs of (lie LPDC require tViat certain
<br />eXpenddures and projects by the I -PDO tie approved by the governing body of
<br />the City,- and whereas the LPDC Board has duly approved such projects and the
<br />expendituies, for same, have belell Mthorized by the La Porte City Gouncfl�; and
<br />WHEREAS, Publication Of notice for public hearing reqUired Under Texas,
<br />Local Government Code sention 505160 for expenditure of Type B funds on a,
<br />proposed project was niade ar)d tfiera were no petition filed Wth the City
<br />registering a protest to the proposed grant.
<br />NOW THEREFORE, in considleration of the covenants and Conditions
<br />stated hefoln, and in con sideraU011 Of the mutual benefits that will accru(;� to, each
<br />of the parties, hereDf, as well as to the citizen s of than City of L.a Porte,, Texas, the
<br />pailes have agreed and do hereby ag!ree as follows.
<br />ON m
<br />A In consicleration of Recipient, laicating its proposed Rhylene Oxide Project
<br />at its Battleground ManufactUfinq COMPI'r�X, as, specifically described in
<br />that certain pUblic hearIi ig aUthOriZi11g this proposed protects, and
<br />expenditure of I..[10 furids for the lji-Dniofion of sand projects, held before
<br />the LRDC on July 16, 20,12 (hereinafter, the "Public Hearing"), LPDC
<br />to provide Recipient an iri;cenfive package consisting of a cash
<br />payment of'$70000MD accurdinto the sc[nedule outlined in, this Article I
<br />and the, retention of said payment bel,rig conditioned upon Recipi,ent's
<br />satisfacFon of certain rniniML.irn constr(Action, related capital investroent
<br />costs anci additional permanent direct Jobs as provided 41, fts Article 1,
<br />Fufthermore, in cons idera,ficri of Recipient locating Its proposed,
<br />Polyethyhene Project at its BattlegmUnd M8.n'L1faC[U1'-i1'1q C01 In P l C X, a, S
<br />specifically rdescribed 411 the, Pubilk, H,earing, 1-1-11DC , aro to provide
<br />Reciplent am incentive package, ccnsrsting of a cash payment of
<br />$300,1000,00 accord'Ing to the schedule at.,il1ned in this Ailicka I and the
<br />reteritlon of 9EM payment b6nq conditioned upon Recipient's ",fisfaction
<br />of Certain mininlurn coratractionrelated oapital investment costs and
<br />additional pernianent direct jobs as provided in this Arficle l,
<br />Ric, cash incienUves heroin described shall be distributed as follows�
<br />1 a cash ii"icentive payrrient in the amount of $700,000,00 for tl,,Ie
<br />Ethylene Oxide Project will be distnbUted to Reciprent no later
<br />than 30 clays after receipf. by L �FIDC of lettrAr froa'l Re6piient's
<br />Officer eviclencing Recipient's financial comryiitrnei it to
<br />consta,iction of the Ethylene Oxide Project at the Battlegrourld
<br />MarklifactuiJnq Complex-, such letter of corni-nifi-neurit shall b(s,
<br />subrnfttedl to LDDC no later than August 1, 2014,
<br />2) a, cash inGenti've paynient in the arnount of $300,000,00 will be
<br />clistdbuted to Recipient no later, than 30 days after Feceipt, by
<br />LYDC of letter fron-i Recipient's Officer evidencing Recipient'
<br />financial comnAment to construction oaf the Polyethylene Project
<br />at the Dattlegromid Manufacturit"ig Coniplex; such lettc,,r of
<br />0
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