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o Second payment of $15,000 when building is occupied with four (4) full- <br />time jobs (confirmed by documentation stating such). The applicant will <br />be responsible for maintaining jobs 5 years after 2nd payment. This <br />payment is estimated to occur around January 2024. <br /> Claw- <br />maintain the four (4) jobs for five (5) years, each year potential recapture amount <br />decreases by $6,000. If the Recipient fails to qualify for the first payment, then <br />recapture amount will decrease by $3,000. <br /> <br />Staff recommends the La Porte Development Corporation Board approve the <br />development agreement for the 508 W. Main Street project for the <br />refurbishment/renovation of the State Farm building located at 508 W. Main Street in <br />La Porte, Texas not to exceed $30,000. <br /> <br /> <br />ACTION REQUIRED BY BOARD <br />Presentation, discussion and possible action to approve a Development <br />Agreement for 508 W. Main Street, an incentive for refurbishment/renovation of <br />the State Farm building located at 508 W. Main Street in La Porte, Texas not to <br />exceed $30,000. <br /> <br />Approved for the La Porte Development Corporation Board meeting agenda. <br /> <br />Corby D. Alexander, City Manager Date <br /> <br /> <br />