06-01-15 Meeting of the La Porte Development Corporation Board of Directors

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE LA PORTE DEVELOPMENT COPRPORATION, AND GANTSTEIN ESQUIRE, LLC, A TEXAS DOMESTIC LIMITED LIABILITY COMPANY, FOR USE OF TYPE B DEVELOPMENT CORPORATION SALES TAX FUNDS THIS AGREEMENT made by and entered into this ____ day of June, 2015 between the La Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas Local Government Code Chapters 501 and 505 Gantstein Esquire, LLC, a Texas Domestic Limited Liability Company, WITNESSETH: WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within the City for promotion of economic development and the LPDC is authorized to use such tax revenues for certain qualifying projects and other economic development related purposes; and WHEREAS, Recipient is a Texas based commercial development company that specializes in rehabilitating underutilized commercial buildings; and WHEREAS, Recipient wishes to renovate the exterior and interior of a presently vacant 9000 square foot restaurant building formerly known as the , located at 10003 Spencer Hwy., and make associated site improvements, for the purpose of operating restaurant, and which would 1) result in the expenditure by Recipient of an estimated $1,200,000.00 in capital improvements; 2) result in the generation of approximately $4,000,000.00 in annual gross retail sales; and 3) employ an estimated forty (40) full time and sixty (60) part-time personnel; and WHEREAS, Recipient has requested that LPDC provide financial incentives to Recipient to contribute towards the cost of renovation of the property at 10003 Spencer Hwy., under a qualifying project of the LPDC for infrastructure, site and related improvements, as authorized by Texas Local Government Code Chapters 501 and 505, and it is the desire of LPDC to assist in the funding of same, finding that such expenditures will promote or develop new or expanded business enterprises. WHEREAS, Texas law and the by-laws of the LPDC require that certain expenditures and projects by the LPDC be approved by the governing body of the City; and whereas the LPDC Board has duly approved such project and the expenditures for same have been authorized by the La Porte City Council; and 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: ARTICLE I 1