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share of the $100,000.00 incentive grant only in the instance that <br />Recipient's total taxable retail sales for the period January 1, <br />2018 -- December 31, 2018 is equal to or greater than <br />$3,750,000.00. Where Recipient fails to generate total taxable <br />retail sales for the period January 1, 2018 — December 31, 2018 <br />in an amount equal to or greater than $3,750,000.00, it shall be <br />disqualified from receiving any portion of the $100,000.00 <br />incentive payment. <br />In the case that proof of total taxable retail sales for the period <br />January 1, 2018 — December 31, 2018 in an amount equal to or <br />greater than $3,750,000.00 is presented to LPDC on or before <br />said December 31, 2018, deadline, the LPDC shall convene a <br />meeting of the LPDC Board of Directors for a date no later than <br />forty-five (45) days after receipt of proof of the total taxable retail <br />sales from Recipient. Upon verification of Recipient's total <br />taxable retail sales of at least $4,000,000.00, or minimum of <br />$3,750,000.00 for qualification of pro rata payment, as reflected <br />by formal vote of the LPDC Board of Directors that Recipient has <br />satisfied the requirements of this paragraph, LDDC will then <br />remit the $100,000.00, or pro rata share as applicable, to <br />Recipient within a period not to exceed thirty (30) days. For <br />purposes of clarification only, the following two examples shall <br />serve to illustrate the application of this paragraph: <br />Example 1: If Recipient provides evidence of total taxable sales <br />for the Restaurant site of $3,700,000.00 by the December 31, <br />2090 deadline, the incentive payment under this section would <br />be $0. <br />Example 2: If Recipient provides evidence of total taxable sales <br />for the Restaurant site of $3,800,000.00 by the December 31, <br />2018 deadline, the incentive payment under this section would <br />be calculated at $3.8M/$4.OM, or 95% of the $100,000.00 <br />incentive payment, for a total payment of $95,000.00. <br />ARTICLE II <br />All funds received as herein provided shall be solely for the purpose of <br />contributing towards Recipient's costs in the renovation of the exterior and <br />interior of the presently vacant 9000 square foot restaurant building formerly <br />known as the "Texans Sports Bar and Grill", located at 10003 Spencer Hwy., and <br />for the making of associated site and infrastructure improvements, to operate a <br />"Pipeline Grill" restaurant. Recipient further acknowledges that the incentive grant <br />provided for herein is tied to a project of the LPDC for the promotion or <br />development of new or expanded business enterprises, as authorized by Texas <br />Local Government Code chapters 501 and 505. <br />ARTICLE III <br />