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In the case that proof that Battleground Saloon attained gross <br />sales of alcoholic beverages of no less than $250,000.00 for the <br />twelve (12) month period following issuance of a certificate of <br />occupancy for the Building site is presented to LPDC on or before <br />the above indicated deadline, the LPDC shall convene a meeting <br />of the LPDC Board of Directors for a date no later than forty-five <br />(45) days after receipt of proof that Battleground Saloon attained <br />gross sales of alcoholic beverages of no less than $250,000.00 <br />for the twelve (12) month period following issuance of a certificate <br />of occupancy for the Building site. Upon verification of gross sales <br />of alcoholic beverages of no less than $250,000.00 for the twelve <br />(12) month period following issuance of a certificate of occupancy <br />for the Building site, as reflected by formal vote of the LPDC Board <br />of Directors, LPDC will then remit the $7,308.00 to Recipient <br />within a period not to exceed thirty (30) days. <br /> <br />ARTICLE II <br /> <br /> All funds received as herein provided shall be solely for the purpose of <br />contributing towards Recipient in the construction and building of the <br />building to be located at 116 S. Broadway Street and for the use of Battleground <br />Saloon, a bar and grill facility. Recipient further acknowledges that the incentive <br />grant 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 /> <br />ARTICLE III <br /> <br />Disbursement and/or retention of the cash incentive identified in Article I of <br />this Agreement shall be made as follows: <br /> <br />A. Disbursement shall be made to Recipient, subject to the satisfaction of the <br />conditions precedent or conditions subsequent contained within Article I of <br />this Agreement. <br /> <br />B. LPDCobligation to Recipient shall not exceed $27,308.00, nor shall LPDC <br />be obligated to reimburse Recipient for requests delivered to LPDC after <br />the termination of this Agreement. <br /> <br />ARTICLE IV <br /> <br /> Recipient understands that the funds paid to Recipient by the LPDC are <br />derived from tax revenues collected under Texas Local Government Code <br />505.252, and that LPDC has estimated the tax revenues to be collected during the <br />term of this Agreement. Recipient further understands, acknowledges, and agrees <br />that if the tax revenue actually collected is less than 90% of the estimated tax <br />revenues to be collected in any fiscal year during the term of this Agreement, LPDC <br />will be under no obligation to provide funding to Recipient for any payment or <br />payments during or after the fiscal year for which there is a revenue shortfall. Upon <br /> 5 <br /> <br />