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ECONOMICDEVELOPMENTINCENTIVEAGREEMENTBETWEENTHELAPORTE <br />DEVELOPMENTCOPRPORATION,AND_BROTAMONTEASSET1,LLC_,ATEXAS <br />_PARTNERSHIP_,FORUSEOFTYPEBDEVELOPMENTCORPORATIONSALES <br />TAXFUNDSINCONNECTIONWITHTHELAPORTEDEVELOPMENT <br />CORPORATIONENHANCEMENTGRANTPROGRAM <br />THISAGREEMENTmadebyandenteredintothis_11th_dayof_January,2016 <br />betweentheLaPorteDevelopmentCorporation,aTypeBnon-profitcorporation <br />operatingunderauthorityofTexasLocalGovernmentCodeChapters501and505, <br />hereinafter“LPDC”,and_BROTAMONTEASSET1,LLC,hereinafterreferredtoasthe <br />“Recipient”. <br />WITNESSETH: <br />WHEREAS,thevotersoftheCityofLaPorteauthorizedthelevyingofadditional <br />salestaxwithintheCitytopromoteeconomicdevelopmentandtheLPDCisauthorized <br />tousesuchtaxrevenuesforcertainqualifyingprojectsandothereconomicdevelopment <br />relatedpurposes;and <br />WHEREAS,theLaPorteDevelopmentCorporationhasestablishedtheLaPorte <br />EnhancementGrantProgram,thepurposeofwhichistoofferfinancialincentivesinthe <br />formofmatchinggrantstoaidbusinessestablishmentslocatedintheCityofLaPorte, <br />Texas;and <br />WHEREASqualifyingapplicantsformatchinggrantsundertheLaPorte <br />EnhancementGrantProgramareeligibletousegrantfundsforbuildingsite <br />improvementsincludingfaçaderehabilitation/enhancement,newawnings,canopies, <br />porches,andsignage,beautificationprojects,andparkinglotimprovementsasoutlined <br /> <br />intheguidelinesoftheLaPorteEnhancementGrantProgram;and <br />WHEREAS,uponapprovalasaprojectoftheLaPorteDevelopmentCorporation, <br />theLaPorteDevelopmentCorporationwillprovidetothequalifyingapplicantasubsidy <br />ofone-half(1/2)ofthecostofbuildingsiteenhancements,uptoamaximummatch <br />amountof$49,999.99;and <br />WHEREAS,theRecipientownsandoperatesabusinessknownastheGateway <br />nd <br />GroveApartments,locatedat315N.2Street,LaPorte,Texas,(the“BusinessSite” <br />herein)forwhichRecipientwishesmakecertainimprovements,hereinafterdescribed, <br />underanEnhancementGrantProgramapplication;and <br />WHEREAS,theRecipientwishestorenovatetheBusinessSitebycompletingthe <br />followingprojects:1)Paint&WoodRepair;2)ParkingLotRepair,3)Landscaping, <br />4)Signage,and5)InteriorUpgradingandRepair,whichwouldresultintheexpenditure <br />164,115.72 <br />byRecipientofanestimated$incapitalimprovementsandemploynoless <br />thanTWO(2)fulltimeandTWO(2)part-timeemployees,forreimbursementbytheLa <br />$42,057.86 <br />PorteDevelopmentCorporation,uptoamaximumof;and <br />1 <br /> <br />