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2) The Recipient will partner with economic development staff to make presentation <br />to the Board of the LPDC, during a regularly scheduled Board meeting, regarding <br />all elements of the completed enhancement grant project. <br />3) In no case will the second payment of $5,000.00 be made by the LPDC if all the <br />required items listed above for Payment Two are not delivered to and received by <br />LPDC within eighteen (18) months of completion of the Project. In the case that <br />all the required items listed above for Payment Two are presented to LPDC on or <br />before said deadline, the LPDC shall convene a meeting of the LPDC Board of <br />Directors for a date no later than forty-five (45) days. Upon verification of the <br />completion of all requirements for Payment Two, as reflected by formal vote of the <br />LPDC Board of Directors that the Recipient has satisfied the requirements of this <br />paragraph, LPDC will then remit the sum of �5,000.00 to the Recipient within a <br />period not to exceed thirty (30) days. <br />"TINKOWU <br />All funds received as herein provided shall be solely for the purpose of contributing <br />towards the Recipient's costs in making eligible and approved improvements to the <br />Business Site. <br />The Recipient further acknowledges that the incentive grant provided for herein is tied to <br />a project of the LPDC for the promotion or development of new or expanded business <br />enterprises, as authorized by Texas Local Government Code chapters 501 and 505. <br />Disbursement and/or retention of the cash incentive identified in Article I of this <br />Agreement shall be made as follows: <br />A. Disbursement shall be made to Recipient, subject to the satisfaction of the <br />conditions precedent or conditions subsequent contained within Article I of this <br />Agreement. <br />B. LPDC's obligation to Recipient shall not exceed $25,000.00, nor shall LPDC be <br />obligated to reimburse Recipient for requests delivered to LPDC after the <br />termination of this Agreement. <br />The Recipient understands that the funds paid to the Recipient by the LPDC are <br />derived from tax revenues collected under Texas Local Government Code 505.252, and <br />that LPDC has estimated the tax revenues to be collected during the term of this <br />Agreement. The Recipient further understands, acknowledges, and agrees that if the tax <br />revenue actually collected is less than 90% of the estimated tax revenues to be collected <br />in any fiscal year during the term of this Agreement, LPDC will be under no obligation to <br />provide funding to the Recipient for any payment or payments during or after the fiscal <br />year for which there is a revenue shortfall. Upon execution of the Agreement, funds will <br />