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In consideration of Recipient renovating the existing structure t 100 West Main Street and
<br />operating a imix d use commercial and residential facility at the subject site ("Building" herein), which
<br />proposal was considered in that certain public hearing authorizing a proposed project for the
<br />expenditure of LPDC funds for the promotion or development of new or expanded business enterprises,
<br />held before the LPDC on July 27, 2020, LPDC agrees to provide Recipient an incentive package
<br />consisting of a cash payment in a total suim not to exceed 3 000,00 to be distributed in two
<br />increments of $40,000 and $45 000,00 each, with each distribution conditioned on the attainment of
<br />certain performance thresholds, imore specifically outlined as follows,
<br />1 A cash incentive payment in an amount equal to $40,000,00 will be distributed to
<br />Recipient by LPDC, upon ) receipt by LPDC oaf --proof of substantial completion of
<br />renovation of the Building and b) proof of iminiimuim capital inv stem nt in the amount of
<br />6 0,000,00 applied towards renovation of the Building and related infrastructure and
<br />site work, exclusive of the cast to Recipient to purchase the existing real estate tract
<br />and vacant building, However, in no case will the $40,000,00 payment be invade by
<br />LPDC if documentation substantiating 1) substantial completion of the renovation of
<br />the Building and 2) the expenditure of no less than $650,000,00 applied towards capital
<br />improvements to the Building is not delivered to and received by LPDC by J nu ry 1 L
<br />2021, In the case that proof of substantial completion of renovation of the Building and
<br />miniimuim capital inv stem nt of $650,000,00 applied towards capital improvements to
<br />the Building is presented to LPDC on or before said January 31, 2021 deadline, the
<br />LPDC shall convene imeeting of the LPDC Board of Directors for a date no later than
<br />forty-five (4 ) days after receipt of proof of substantial completion of the renovation of
<br />the Building and iminiimuim capital inv stem nt of $650,000,00 by LPDC from Recipient,
<br />Upon verification of the substantial completion of the Building and iminiimuim capital
<br />inv stem nt of 6 0,000,00, as reflected by formal vote of the LPDC Board of Directors
<br />that Recipient has satisfied the requirements of this paragraph, LPDC will then remit
<br />the $40,000,00 to Recipient within a permed not to exceed thirty (30) days.
<br />In the case where Recipient fails to subunit proof of substantial completion of renovation
<br />of the Building and proof of a iminiimuim capital inv stem nt in the amount of
<br />6 0,000,00 by the January 31, 2021 deadline, despite being disqualified for the
<br />incentive payment Recipient will remain eligible to qualify for receipt of the $45,000,00
<br />incentive payment under Paragraph 2 below, in spa far as the conditions precedent for
<br />permanent imploym nt of four positions is established in such paragraph is im t.
<br />However, in such case Recipient will be required to subunit proof of substantial
<br />completion of renovation of the Building in carder to qualify for the incentive payments
<br />outlined in Paragraph 2 below,
<br />2) A cash incentive payment in an amount equal to $45,000,00 will be distributed to
<br />Recipient by LPDC upon delivery to the LPDC of ) an employment raster evidencing
<br />that entities leasing space within the Building cumulatively eimploy a iminiimuim of four
<br />(4) full time employees at the Building site as of June 30, 2021, However, in no case
<br />will the $45,000,00 payment be invade by LPDC if proof of the employment of
<br />miniimuim of four (4) full time personnel s of June 30, 2021 is not delivered to and
<br />received by LPDC by �nc��nstr 30, 2021. Proof of employment, for purposes of this
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