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 4 EVER CLEAR POOL CHEMICAL CO., LLC, A TEXAS LIMITED LIABILITY COMPANY, FOR USE OF TYPE B DEVELOPMENT CORPORATION SALES TAX FUNDS IN CONNECTION WITH THE LA PORTE DEVELOPMENT CORPORATION ENHANCEMENT GRANT PROGRAM 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 4 Ever Clear Pool Chemical Co., LLC, hereinafter referred to as the "Recipient". WITNESSETH: WHEREAS, the voters of the City of La Porte authorized the levying of additional sales tax within the City to promote economic development and the LPDC is authorized to use such tax revenues for certain qualifying projects and other economic development related purposes; and WHEREAS, the La Porte Development Corporation has established the La Porte Enhancement Grant Program, the purpose of which is to offer financial incentives in the form of matching grants to aid business establishments located in the City of La Porte, Texas; and WHEREAS qualifying applicants for matching grants under the La Porte Enhancement Grant Program are eligible to use grant funds for building site improvements including facade rehabilitation/enhancement, new awnings, canopies, porches, and signage, beautification projects, and parking lot improvements as outlined in the guidelines of the La Porte Enhancement Grant Program; and WHEREAS, upon approval as a project of the La Porte Development Corporation, the La Porte Development Corporation will provide to the qualifying applicant a subsidy of one-half (1/2) of the cost of building site enhancements, up to a maximum match amount of $50,000; and WHEREAS, the Recipient owns and operates a business known as 4 Ever Clear Pool Chemical Co., LLC, located at 101 S. Iowa Street, La Porte, Texas, (the "Business Site" herein) for which Recipient wishes make certain improvements, hereinafter described, under an Enhancement Grant Program application; and WHEREAS, the Recipient wishes to renovate the Business Site by completing the following projects: 1) Remove existing asphalt driveway and install a new concrete driveway; 2) Install two new metal doors, 3) Paint the sides and roof of the building, and 4) Install a new sign which would result in the expenditure by Recipient of an estimated $38,385.20 in capital improvements and employ no less than five 5 full time and zero part-time employees, with one-half of such capital expenditure being eligible for 1