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

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infrastructure for which the required capital investment is made, must, at a minimum, include the following scope of work: 1) Remove existing asphalt drivewaV and install a new concrete driveway --..-$28,894.09 2) Install two new metal doors -- $622,44, 3) Paint the sides and roof of the building -- $7,994.26, and 4) Install anew sign -- $874.41 5) Submission to LPDC of an employment roster evidencing that the Recipient employs five 5 full time and zero 0 part-time individuals as employees at the Business Site. Proof of employment, for purposes of this agreement, shall require the Recipient to produce either a) copies of the Recipient's 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with the social security number of each employee redacted), or b) a signed and notarized statement executed by the owner, or another duly authorized representative, of the company affirming that five 5 full time and zero 0 part-time employees are employed by the Recipient. for positions permanently located at Business Site. 6) Presentation to the Board of the LPDC, during a regularly scheduled Board meeting, regarding all elements of the completed enhancement grant projects. 7) In no case will the sum of $19,192.60 be made by the LPDC if all the required items listed in Article I are not delivered to and received by LPDC within one (1) year from the date on which this agreement is approved by the Board of the La Porte Development Corporation. In the case that all the required items listed in Article I for the Business Site are presented to LPDC on or before said deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days. Upon verification of the completion of all projects previously approved by the LPDC Board to the Business Site, as reflected by formal vote of the LPDC Board of Directors that the Recipient has satisfied the requirements of this paragraph, LPDC will then remit the sum of $19,192.60 to the Recipient within a period not to exceed thirty (30) days. ARTICLE 11 All funds received as herein provided shall be solely for the purpose of contributing towards the Recipient's costs in making eligible and approved improvements to the Business Site. The Recipient further acknowledges that the incentive grant provided for herein is tied to a project of the LPDC for the promotion or development of new or expanded business enterprises, as authorized by Texas Local Government Code chapters 501 and 505.