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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE LA <br />PORTEDEVELOPMENT COPRPORATION,AND MARK ROSADO,FOR USE <br />OF TYPE B DEVELOPMENT CORPORATION SALES TAX FUNDS <br /> <br /> <br /> THIS AGREEMENT made by and entered into this 24th day of January <br />2022 between the La Porte Development Corporation, a Type B non-profit <br />corporation operating under authority of Texas Local Government Code Chapters <br />501 and 505 Mark Rosado, hereinafter referred to as <br /> <br /> <br />WITNESSETH: <br /> <br /> WHEREAS, the voters of the City of La Porte authorized the levying of <br />additional sales tax within the City for promotion of economic development and the <br />LPDC is authorized to use such tax revenues for certain qualifying projects and <br />other economic development related purposes; and <br /> <br /> WHEREAS, Recipient is a sole proprietor who desires to develop and <br />operate a retail business in the City of La Porte; and <br /> <br /> WHEREAS, Recipient wishes to construct a building at 116 S. Broadway <br />Street, for the purpose of operating a bar and grill restaurant business to be known <br />and which would 1) result in the expenditure by Recipient <br />of an estimated $143,200.00 in capital improvements; and 2) employ an estimated <br />five (5) full-time personnel (or part-time positions which are equivalent to five (5) <br />full-time positions); and <br /> <br /> WHEREAS, Recipient has requested that LPDC provide financial incentives <br />to Recipient to contribute towards the cost of constructing the building to be located <br />at 116 S. Broadway Street under a qualifying project of the LPDC for infrastructure, <br />site and related improvements, as authorized by Texas Local Government Code <br />Chapters 501 and 505, and it is the desire of LPDC to assist in the funding of same, <br />finding that such expenditures will promote or develop new or expanded business <br />enterprises; and <br /> <br /> WHEREAS, Texas law and the by-laws of the LPDC require that certain <br />expenditures and projects by the LPDC be approved by the governing body of the <br />City; and whereas the LPDC Board has duly approved such project and the <br />expenditures for same have been authorized by the La Porte City Council; and <br /> <br /> NOW THEREFORE, in consideration of the covenants and conditions <br />stated herein, and in consideration of the mutual benefits that will accrue to each <br />of the parties hereof, as well as to the citizens of the City of La Porte, Texas, the <br />parties have agreed and do hereby agree as follows: <br /> <br /> <br /> <br /> <br /> <br /> 1 <br /> <br />