08-24-20 Regular Meeting of the La Porte Development Corporation Board

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In consideration of Recipientrenovating the existing structure at 100 West Main Street and operating a mixed use commercial and residential facilityat the subject siteBuilding,which proposal was consideredin that certain public hearing authorizingaproposed project for the expenditure of LPDCfundsfor the promotion or development of new or expanded business enterprises, held before theLPDConJuly 27, 2020,LPDCagrees to provide Recipient anincentivepackage consisting of acash paymentinatotal sum not to exceed$85,000.00, to be distributed intwo increments of$40,000 and $45,000.00each,with each distribution conditionedon the attainment of certain performance thresholds, more specifically outlinedasfollows: 1)Acash incentivepaymentinanamount equal to $40,000.00will be distributed to Recipient by LPDC, upon a) receipt by LPDC ofproof of substantial completion of renovation of the Building and b) proof of minimum capital investment in the amount of $650,000.00 applied towards renovation of the Building and related infrastructure and site work,exclusiveof the cost to Recipient to purchase the existing real estate tract and vacant building.However, in no case will the $40,000.00 payment bemadeby LPDC ifdocumentationsubstantiating 1) substantial completion of the renovation of the Building and 2) the expenditure of no less than $650,000.00 applied towards capital improvements to the Buildingis not delivered to and received by LPDC by January 31, 2021. In the case that proof ofsubstantial completion of renovation of the Building and minimum capital investment of $650,000.00 applied towards capital improvements to the Building is presented to LPDC on or before saidJanuary 31, 2021deadline, the LPDC shallconvene a meeting of the LPDC Board of Directors for a date no later than forty-five (45)days after receipt of proof of substantial completion of the renovation of the Buildingand minimum capital investment of $650,000.00 by LPDC from Recipient. Upon verificationof the substantial completion of the Building and minimum capital investment of $650,000.00, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $40,000.00 toRecipient within a period notto exceed thirty (30) days. In the case where Recipient fails to submit proof of substantial completion of renovation of the Building and proof of a minimum capital investment in the amount of $650,000.00 by the January 31, 2021deadline, despite being disqualified for the incentive payment Recipient will remain eligible to qualify for receipt of the $45,000.00 incentive payment under Paragraph 2 below, in so far as the conditions precedent for permanent employment of four positions is established in such paragraph ismet. However, in such case Recipient will be required to submit proof of substantial completion of renovation of the Buildingin order to qualifyfor the incentive payments outlined in Paragraph 2below. 2)A cash incentive payment in an amount equal to $45,000.00 will be distributed to Recipient by LPDC upon delivery to the LPDC of a) an employment roster evidencing that entities leasing space within the Building cumulatively employ aminimum of four (4) full time employeesat the Buildingsiteas of June 30, 2021.However, in no case will the $45,000.00 payment be made by LPDC if proof of the employment of a minimum of four(4) full time personnelas of June 30, 2021is not delivered to and received by LPDC by August 30, 2021.Proof of employment, for purposes of this 2