08-27-07 Special Called Regular Meeting of Development Corporation

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AGREEMENT BETWEEN THE LA PORTE DEVELOPMENT CORPORATION, THE CITY OF LA PORTE, TEXAS AND WESMOR CRYOGENIC MANUFACTURING, LTD. FOR USE OF 4B SALES TAX FUNDS ,. ~ '*' THIS AGREEMENT made by and entered into this day of NOVlMDer ,2007 between the La Porte Economic Development Corporation, a non-profit corporation organized under the laws of the State of Texas, hereinafter "LPEDC", the City of La Porte, Texas, a Texas home-rule municipal corporation hereinafter referred to as "City", and WesMor Cryogenic Manufacturing, LTD., hereinafter referred to as "Recipient". WITNESSETH: WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within the City, and the creation of an economic development corporation and pursuant to the provisions of Texas Revised Civil Statutes Anno. Art. 5190.6 Section 4B, et seq., may use such tax revenues for certain economic development purposes; and WHEREAS, Recipient wishes to expand its current business operation in La Porte, Texas by opening and operating a cryogenic tank and vessel manufacturing facility, and which after five (5) years is anticipated to employ up to 70 additional personnel and to generate cumulative gross sales in excess of $32,640,000.00; and WHEREAS, Recipient has requested that LPEDC provide financial incentives to promote the expansion of its La Porte operations in an amount to cover or subsidize certain infrastructure costs, including streets and roads, water, electric, and gas utilities, drainage and related improvements, telecommunications, associated acquisition costs, and any other purposes authorized by Texas Revised Civil Statutes Anno. Art. 5190.6, Section 4B, et seq., and it is the desire of LPEDC to assist in the funding of same, finding that such expenditures will contribute to promoting economic growth and development in the City; and WHEREAS, Texas law and the by-laws of the LPEDC require that certain expenditures and projects by Section 4B corporations be approved by the governing body of the City; and WHEREAS, the LPEDC Board and the La Porte City Council have each duly approved such project and expenditures; NOW THEREFORE, in consideration of the covenants and conditions stated herein, and in consideration of the mutual benefits that will accrue to each of the parties hereof, as well as to the citizens of the City of La Porte, Texas, the parties have agreed and do hereby agree as follows: