Laserfiche WebLink
b) a notarized statement ex <br />Directors affirming that thirty-five (35) full time and fifty (50) part- <br />time personnel employees are employed by Recipient for <br />positions permanently located at the Restaurant site. <br /> <br /> <br /> <br />The amount of the cash incentive payment made to Recipient <br />lesser <br />under this paragraph shall be the amount of either (i) the <br />total amount eligible to be paid to Recipient under the terms of this <br />paragraph, or (ii) the remaining balance of $200,000 minus the <br />sum of the payments in paragraphs 2 and 3. <br /> <br />ARTICLE II <br /> <br /> <br />All funds received as herein provided shall be solely for the purpose of contributing <br />towards Recipient in the renovation of the exterior and interior of the <br />presently vacant 9000 square foot restaurant building formerly known as the <br />located at 10003 Spencer Hwy., and for the making <br />of associated site and infrastructure improvements, to operate a <br />restaurant. Recipient further acknowledges that the incentive grant provided for <br />herein is tied to a project of the LPDC for the promotion or development of new or <br />expanded business enterprises, as authorized by Texas Local Government Code <br />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 $300,000.00, nor shall <br />LPDC be obligated to reimburse Recipient for requests delivered to LPDC <br />after the termination of this Agreement. <br /> <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 /> 6 <br /> <br />