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

Browse Search

eligible for reimbursement by the La Porte Development Corporation, up to a maximum of $50,000.00; and WHEREAS, the provision of financial incentives to the Recipient in connection with a La Porte Enhancement Grant Program application would qualify as a project of the LPDC for infrastructure, site improvements and other related improvements, as authorized by Texas Local Government Code Chapters 501 and 505, and it is the desire of LPDC to assist in the funding of same, finding that such expenditures will promote or develop new or expanded business enterprises. WHEREAS, Texas law and the by-laws of the LPDC require that certain expenditures and projects by the LPDC be approved by the governing body of the City-, and whereas the LPDC Board has duly approved such project and the expenditures for any project for a contribution of the LPDC Board greater than $25,000.00 must also be authorized by the La Porte City Council; and 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: "TMAK441UNIF In consideration of the Recipient making eligible and approved improvements to the Business Site at 832 S. Broadway, La Porte, Texas, in connection with an application under the La Porte Enhancement Grant Program, which program was considered in that certain public hearing authorizing a proposed project for the expenditure of LPDC funds for the promotion or development of new or expanded business enterprises, held before the LPDC on 28 October, 2015, LPDC agrees to provide the Recipient with a one-half (50%) matching grant payment in an amount not to exceed $25,000.00, as a one-half (50%) match for Recipient's capital expenditure of $67,152.89, which $25,000.00 payment shall be distributed in two payments of $20,000.00 and $5,000, upon the attainment of the following conditions: Payment One: 1) Receipt by the LPDC of copies all applicable invoices and receipts of payment for the same invoices for all project components for the Business Site, which were previously approved by the LPDC Board, and have been completed, 2) Receipt by the LPDC of pictures showing proof of completion of each of the project components for the Business Site previously approved by the LPDC Board, 3) Receipt by LPDC of copies of all certificates and permits required by the City of La Porte, Texas, if any, to the Recipient for completion of the renovated Business Site;