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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE LA PORTE <br />DEVELOPMENT COPRPORATION,ANDMARION CAMPISE AND VICKI CAMPISE,FOR USE OF <br />TYPE B DEVELOPMENT CORPORATIONSALES TAX FUNDS <br />THIS AGREEMENT made by and entered into this 24thday of August 2020between the La <br />Porte Development Corporation, aType B non-profit corporation operating under authority of Texas <br />Local Government Code Chapters501 and 505Marion Campise,hereinafter <br />WITNESSETH: <br />WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within <br />the Cityfor promotion of economic development and the LPDC is authorized touse such tax revenues <br />for certain qualifying projects and other economic developmentrelated purposes; and <br />WHEREAS, Recipient is aTexasbasedcommercial developmentcompanythat specializesin <br />rehabilitating underutilized commercial buildings; and <br />WHEREAS, Recipient wishes torenovate the exterior and interior of athe building located at <br />100 West Main Street., and make associated site improvements, for the purpose of operatingamixed <br />use commercial and residential facility and which would1) result in the expenditure by Recipient of an <br />estimated $650,000.00 in capital improvements;and 2)employ an estimatedfour(4)full time <br />personnel; and <br />WHEREAS, Recipient has requested that LPDCprovide financial incentives to Recipient to <br />contribute towards the cost of renovation of the property at 100 West Main Streetunder a qualifying <br />projectof the LPDCfor infrastructure, site and related improvements,asauthorized by Texas Local <br />Government Code Chapters 501 and 505,and it is the desire of LPDCto assist in the funding ofsame, <br />finding that such expenditures will promote or develop new or expanded business enterprises. <br />WHEREAS, Texas law and the by-lawsof the LPDCrequire that certainexpenditures and <br />projects by the LPDCbe approved by the governing body of the City; andwhereasthe LPDCBoard <br />has duly approved such project and the expendituresfor same have been authorized by the La Porte <br />City Council; and <br />NOW THEREFORE, in consideration of the covenants and conditions stated herein, and in <br />considerationof the mutual benefits that will accrue to each of the parties hereof, as well as to the <br />citizens of the City of La Porte, Texas, the parties have agreed and do hereby agree as follows: <br />ARTICLE I <br />1 <br /> <br />