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

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4) Proof of minimum capital investment in the amount of$67,152.89 ' applied towards eligible and approved improvernents of the Business Site and related infrastructure and site work. The renovation to the Business Site and related infrastructure for which the required capital investment is made, must, at a minimum, include the following scope of work, and in the amounts indicated: I Replacement of door, fascia boards, windows, and gutters Build decorative wall on top of building Re -asphalt the parking lot Installation of new exterior lighting Painting exterior walls Remove old eaves and build new eave at front and side door Repair flower terraces $ 1,375.00 Sales Tax $ 5,117.89 Total $67,152.89 5) In no case will the first payment of $20,000.00 be made by the LPDC if all the required items listed above for Payment One are not delivered to and received by LPDC within one (1) year from the date on which this agreement is approved by the Board of the La Porte Development Corporation. In the case that all the required items listed above for the Business Site are presented to LPDC on or before said deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days. Upon verification of the completion of all project components by the LPDC Board for the Business Site for Payment One, as reflected by formal vote of the LPDC Board of Directors that the Recipient has satisfied the requirements of this paragraph, LPDC will then remit the sum of $20,000.00 to the Recipient within a period not to exceed thirty (30) days. Payment Two: 1) Submission to LPDC of a signed lease agreement within eighteen (18) months of completion of the Project, which lease agreement shall evidence an employment roster identifying at least one (1) full time and one (1) part time employees employed at the Business Site. For the purposes of this section, completion of the Project shall mean that Recipient has submitted documentation of capital investment to the LPDC for Payment No. 1 and said Payment No. 1 is approved by the LPDC Board of Directors. Proof of employment, for purposes of this agreement, shall require the Recipient to produce either a) copies of the Recipient's 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with the social security number of each employee redacted), or b) a signed and notarized statement executed by a duly authorized representative of Recipient, affirming that at least one (1) full time and one (1) part time employees are employed at the Business Site.