08-11-14 Meeting of the La Porte Development Corporation Board of Directors

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AMENDMENT TO ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This Amendment to Economic Development Incentive Agreement Amendment is made by and entered into this ___ day of __________, 2014 by and between La Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas Local LPDCDelaware Recipien. WHEREAS, LPDC and Recipient are parties to that certain Economic Development Incentive Agreement for use of Type B Development Corporation Sales Tax Funds dated September 23, 2013 (hereinafter Incentive Agreement WHEREAS, Recipient desires extension of deadlines relating to the Ethylene Oxide Project under the Incentive Agreement; and, WHEREAS, LPDC desires to the Ethylene Oxide Project under the Incentive Agreement; NOW THEREFORE, in consideration of the covenants and conditions stated herein, and in consideration of the mutual benefits that will accrue to each of the parties hereof, as well as to the citizens of the City of La Porte, Texas, the parties have agreed and do hereby agree as follows: 1. Terms capitalized herein and not otherwise defined will have the meanings ascribed to such terms in the Incentive Agreement. 2. The third recital in the preamble to the Incentive Agreement is modified by striking the current text and substituting the following: WHEREAS, LPDC and Recipient anticipate that the construction of the facilities for the Ethylene Oxide Project will be substantially complete by the end of 2019 and the Polyethylene Project will be substantially complete by the end of 2017 3. Article I.A.1 of the Incentive Agreement is modified by striking the current text and substituting the following: 1) a cash incentive payment in the amount of $700,000.00 for the Ethylene Oxide Project will be distributed to Recipient no later than 30 days after receipt by LPDC of construction of the Ethylene Oxide Project at the Battleground Manufacturing Complex; such letter of commitment shall be submitted to LPDC no later than August 1, 2016. 4. Article I.B.1 of the Incentive Agreement is modified by striking the current text and substituting the following: Oxide Project, Recipient will submit to the LPDC by December 31,