02-22-16 Meeting of the La Porte Development Corporation Board of Directors

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT BETWEEN THE LA PORTE DEVELOPMENT CORPORATION, AND FISCHER'S HARDWARE, INC., A TEXAS CORPORATION, FOR USE OF TYPE B DEVELOPMENT CORPORATION SALES TAX FUNDS THIS AGREEMENT made by and entered into this 22nd day of February 2016 between the La Porte Development Corporation, a Type B non-profit corporation operating under authority of Texas Local Government Code Chapters 501 and 505, hereinafter "LPDC", and Fischer's Hardware, Inc., a Texas Corporation, hereinafter referred to as "Recipient". 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 retail hardware outlet with stores located in Baytown, Texas, Pasadena, Texas, and La Porte, Texas; and WHEREAS, Recipient wishes to renovate the exterior and interior of its existing hardware store known as "Fischer's Do It Best Hardware" and located at 1010 S. Broadway St., La Porte, Texas, and make associated site improvements, and which would 1) result in the expenditure by Recipient of at least $600,000.00 in capital improvements; 2) employ an additional four (4) full time and three (3) part-time personnel; and 3) increase annual retail sales tax revenues attributable to the 1010 S. Broadway store site by 20%. WHEREAS, Recipient has requested that LPDC provide financial incentives to Recipient to contribute towards the cost of renovation of the property at 1010 S. Broadway St., 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 - 1