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

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reimbursement by the La Porte Development Corporation, up to a maximum of $50,000.00; and WHEREAS, the provision of financial incentives to the Recipient in connection with a La Porte Enhancement Grant Program application would qualify as a project of the LPDC for infrastructure, site improvements and other 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 any project for a contribution of the LPDC Board greater than $25,000 must also be 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: ARTICLE I In consideration of the Recipient making eligible and approved improvements to the Business Site at 101 S. Iowa Street, La Porte, Texas, in connection with an application under the La Porte Enhancement Grant Program, which program was considered in that certain public hearing authorizing a proposed project for the expenditure of LPDC funds for the promotion or development of new or expanded business enterprises, held before the LPDC on October 28, 2015, LPDC agrees to provide the Recipient with a matching grant payment in an amount not to exceed $19,192.60, as a match for Recipient's capital expenditure, which payment shall be distributed upon the attainment of the following conditions: 1) Receipt by the LPDC of copies all applicable invoices and receipts of payment for the same invoices for all projects, which were previously approved by the LPDC Board, and have been completed, 2) Receipt by the LPDC of pictures showing proof of completion of each of the projects previously approved by the LPDC Board, 3) Receipt by LPDC of copies of all certificates and permits required by the City of La Porte, Texas, if any, to the Recipient for completion of the renovated Business Site; 4) Proof of minimum capital investment in the amount of $38,385.20 applied towards eligible and approved improvements of the Business Site and related infrastructure and site work. The renovation to the Business Site and related 2