11-13-17 Meeting of the La Porte Development Corporation Board

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� 0 _OA 11 avi :11 KOJU Ji 1:4 Z I A I Z L44:4 Z I p ky go wap i 1 0 A 0 0'. 1 "00-•4♦ a- ANM M.- 0 00 4,X THIS AGREEMENT made by and entered into this ' /� day of -2 016, between the La Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas Local Government Code Chapters 501 and 505, hereinafter "LPDC", and PATRASIA HEFLEY, hereinafter referred to as the "Recipient". WITNESSETH: WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within the City to promote economic development and the LPDC is authorized to use such tax revenues for certain qualifying projects and other economic development related purposes; and WHEREAS, the La Porte Development Corporation has established the La Porte Enhancement Grant Program, the purpose of which is to offer financial incentives in the form of matching grants to aid business establishments located in the City of La Porte, Texas; and WHEREAS qualifying applicants for matching grants under the La Porte Enhancement Grant Program are eligible to use grant funds for building site improvements including fagade rehabilitation/enhancement, new awnings, canopies, porches, and signage, beautification projects, and parking lot improvements as outlined in the guidelines of the La Porte Enhancement Grant Program; and WHEREAS, upon approval as a project of the La Porte Development Corporation, the La Porte Development Corporation will provide to the qualifying applicant a subsidy of one-half (1/2) of the cost of building site enhancements, up to a maximum match amount of $50,000; and WHEREAS, the Recipient owns commercial property located at 832 S. Broadway, La Porte, Texas, (the "Business Site" herein) for which Recipient wishes make certain improvements, hereinafter described, under an Enhancement Grant Program application; and WHEREAS, the Recipient wishes to renovate the Business Site by completing the following projects: 1) Completely renovate exterior of the building to include replacement of door, fascia boards, windows, and gutters; 2) Re -asphalt the parking lot: 3) installation of new exterior lighting: 4) painting of exterior walls; 5) build new eave at front and side doors; 5) repair flower terraces, and 6) build decorative wall on top of building which would result in the expenditure by Recipient of an estimated $67,152.89 in capital improvements and directly or indirectly support the employment of at least (1) full time and one (1) employees at the Business Site, with one-half (50%) of such capital expenditure being