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WHEREAS,theprovisionoffinancialincentivestotheRecipientinconnectionwith <br />aLaPorteEnhancementGrantProgramapplicationwouldqualifyasaprojectofthe <br />LPDCforinfrastructure,siteimprovementsandotherrelatedimprovements,as <br />authorizedbyTexasLocalGovernmentCodeChapters501and505,anditisthedesire <br />ofLPDCtoassistinthefundingofsame,findingthatsuchexpenditureswillpromoteor <br />developneworexpandedbusinessenterprises. <br />WHEREAS,Texaslawandtheby-lawsoftheLPDCrequirethatcertain <br />expendituresandprojectsbytheLPDCbeapprovedbythegoverningbodyoftheCity; <br />andwhereastheLPDCBoardhasdulyapprovedsuchprojectandtheexpendituresfor <br />anyprojectforacontributionoftheLPDCBoardgreaterthan$25,000.00mustalsobe <br />authorizedbytheLaPorteCityCouncil;and <br />NOWTHEREFORE,inconsiderationofthecovenantsandconditionsstated <br />herein,andinconsiderationofthemutualbenefitsthatwillaccruetoeachoftheparties <br />hereof,aswellastothecitizensoftheCityofLaPorte,Texas,thepartieshaveagreed <br />anddoherebyagreeasfollows: <br />ARTICLEI <br />InconsiderationoftheRecipientmakingeligibleandapprovedimprovementsto <br />nd <br />theBusinessSiteat315N.2Street;LaPorte,TX77571,inconnectionwithan <br />applicationundertheLaPorteEnhancementGrantProgram,whichprogramwas <br />consideredinthatcertainpublichearingauthorizingaproposedprojectforthe <br />expenditureofLPDCfundsforthepromotionordevelopmentofneworexpanded <br />businessenterprises,heldbeforetheLPDConOctober28,2015,LPDCagreesto <br />providetheRecipientwithamatchinggrantpaymentinanamountnottoexceed <br />$42,057.86 <br />,asamatchforRecipient’scapitalexpenditure,whichpaymentshallbe <br />distributedupontheattainmentofthefollowingconditions: <br />1)ReceiptbytheLPDCofcopiesallapplicableinvoicesandreceiptsofpayment <br />forthesameinvoicesforallprojects,whichwerepreviouslyapprovedbythe <br />LPDCBoard,andhavebeencompleted, <br />2)ReceiptbytheLPDCofpicturesshowingproofofcompletionofeachofthe <br />projectspreviouslyapprovedbytheLPDCBoard, <br />3)ReceiptbyLPDCofcopiesofallcertificatesandpermitsrequiredbytheCity <br />ofLaPorte,Texas,ifany,totheRecipientforcompletionoftherenovated <br />BusinessSite; <br />84,115.72 <br />4)Proofofminimumcapitalinvestmentintheamountof$applied <br />towardseligibleandapprovedimprovementstotheexterioroftheBusiness <br />Siteandrelatedinfrastructureandsitework.Therenovationtotheexteriorof <br />theBusinessSiteandrelatedinfrastructureforwhichtherequiredcapital <br />investmentismade,must,ataminimum,includethefollowingscopeofwork: <br />2 <br /> <br />