08-24-20 Regular Meeting of the La Porte Development Corporation Board

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f / f THIS AGREEMENT invade by and entered into this 24th day of August 2020 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 Marion Caimpise, hereinafter referred to as "Recipient". II T Ti : WHEREAS, S, 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 LPIDC is authorized to use such tax revenues for certain qualifying projects and other economic development related purposes', and WHEREAS, S, Recipient is a Texas based commercial development company that specializes in rehabilitating underutilized commercial buildings', and WHEREAS, S, Recipient wishes to renovate the exterior and interior of a the building located at 100 West Main Street., and imake associated site improvements, for the purpose of operating a imixed use commercial and residential facility and which would 1) result in the expenditure by Recipient of an estimated $650,000,00 in capital improvements; and 2) eimploy an estimated four (4) full time personnel; and WHEREAS, S, Recipient has requested that LPIDC provide financial incentives to Recipient to contribute towards the cost of renovation of the property at 100 West Main Street under a qualifying project of the LPIDC for infrastructure, site and related improvements, as authorized by Texas Local Government Code Chapters 501 and 505, and it is the desire of LPIDC to assist in the funding of saime, finding that such expenditures will promote or develop new or expanded business enterprises. WHEREAS, S, Texas law and the by-laws of the LPIDC require that certain expenditures and projects by the LPIDC be approved by the governing body of the City; and whereas the LPIDC Board has duly approved such project and the expenditures for saime 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 imutual 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: