02-12-18 Regular Meeting of the La Porte Development Corporation Board

Browse Search

In consideration of Recipient renovating the existing structure at 10003 Spencer Hwy. and operating a "Pipeline Grill" restaurant at the subject site ("Restaurant' herein), which proposal 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 April 13, 2015, LPDC agrees to provide Recipient an incentive package consisting of a cash payment in a total sum not to exceed $300,000.00, to be distributed in three increments of up to 100 000.00 each, with each distribution conditioned on the attainment of certain performance thresholds, more specifically outlined as follows: 1) A cash incentive payment in an amount equal to $100,000.00 will be distributed to Recipient by LPDC, upon receipt by LPDC of a) proof of Certificate of Occupancy issued by the City of La Porte, Texas to Recipient for completion of the renovated Restaurant and b) proof of a minimum capital investment in the amount of $1,200,000.00 applied towards renovation of the Restaurant and related infrastructure and site work, exclusive of the cost to Recipient to purchase the existing real estate tract and vacant building. However, in no case will the $100,000.00 payment be made by LPDC if a copy of a Certificate of Occupancy issued for the Restaurant and documentation substantiating the expenditure of no less than $1,200,000.00 applied towards capital improvements to the Restaurant, is not delivered to and received by LPDC by June 30, 2016. In the case that proof of Certificate of Occupancy and minimum capital investment of $1,200,000.00 for the Restaurant Is presented to LPDC on or before said ,lune 30, 2016 deadline, the LPDC shall convene a meeting of the LPDG Board of Directors for a date no later than forty-five (45) days after receipt of proof of the Certificate of Occupancy and minimum capital investment of $1,200,000.00 by LPDC from Recipient. Upon verification of the completion of the Restaurant, as reflected by formai vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $100,000.00 to Recipient within a period not to exceed thirty (30) days. In the case where Recipient fails to submit proof of a Certificate of Occupancy and proof of a minimum capital investment in the amount of $1,200,000.00 by the June 30, 2016 deadline, despite being disqualified for the incentive payment Recipient will remain eligible to qualify for receipt of the incentive payments under paragraphs 2 and 3 below, in so far as the conditions precedent established in such paragraphs are met. However, Recipient will be required to submit proof of Certificate of Occupancy in order to qualify for the incentive payments outlined in paragraphs 2 and 3 below. -