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

Browse Search

agreement, may be satisfied by submission to LPDC by the saidAugust 30, 2021 deadline of a) copies of 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with social security numbers of each employee redacted) and b) a notarizedstatement executed by Building site lesseesaffirming that a cumulative four(4) full time employees are employed inpositions permanently located at the Buildingsite. In the case that proof of employment of four (4) full-time personnelis presented to LPDC on or before said August 30, 2021deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of employment by lessees at the Building site byRecipient. Upon verification of employmentas reflected by formal vote of the LPDC Board of Directors, LPDC will then remit the $45,000.00 to Recipient within a period not to exceed thirty (30) days. In the event that Recipient qualifies for the $45,000.00 incentive installment based upon proof of employment of four (4) full-time positions by lessees located at the Building site pursuant to Article 1, Paragraph 2, above,then in such case Recipient shall be required to prove the continuous employment by lessees at the Building site of a cumulative minimum of four (4) full-time positions, for acontinuous five (5) year period. At the conclusion of each calendar year during suchfive (5) year period, beginning on December 31, 2021, through and including December 31, 2025, Recipient shall be required to submit to the LPDC proof of employment of a minimum of four (4) full-time positions at the Building site, in the manner required under Article 1, Paragraph 2, above. Should Recipient fail to provide proof of the employment of four (4) full-time employees at the end of a calendar year, then for that year Recipient shall be responsible for remitting to the LPDCthe sum of $17,000.00 representing recapture out of the previously awarded $85,000.00 incentive paid under this Agreement. However, in the instance that Recipient provides proof of employment of a minimum of four (4) full-time positions at the end of a calendar year, Recipient shall be relieved from the obligation to remit to the LPDC $17,000.00 recapturefor that year. If Recipient fails to qualify for the $40,000 incentive installment provided for in Article I, Paragraph 1 but qualifies for payment of the $45,000.00 payment under Article 1, Paragraph 2, then in that case the obligations of Recipient to maintain the continuous employment of four (4) full-time personnel at the Building site shall continue to apply, but in the case of failure to maintain employment of four (4) full- time employees at the Building site shall subject Recipient to the requirement to remit to the LPDC $9000.00 as recapture out of the previously awarded $45,000 incentive paid under this Agreement, instead of $17,000.00. ARTICLEII All funds received as herein provided shall be solely for the purpose of contributing towards Recipientin the renovationof the exterior and interior of the building located at 100 West Main Streetand for the making ofassociated site and infrastructure improvements, to operate a mixed-use commercial and residential facility.Recipient further acknowledges that the incentive grant provided for herein is tied to a project of the LPDC for the promotionor development ofnew or expanded business enterprises,as authorized by Texas Local Government Code chapters 501 and 505. 3