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agreement, im y be satisfied by submission to LPDC by the said Lgg2.at 30� 2021
<br />deadline of ) espies of Building site lessees' 941 Report to the Internal Revenue
<br />Service and C3 Report to the Texas Workforce Commission for each employee (but
<br />with spacial security numbers of each employee redacted) and b) a notarized statement
<br />executed by wilding site lessees affirming that a cumulative four (4) full time
<br />employees are employed in positions permanently Faceted at the wilding site.
<br />In the case that proof of employment of four (4) full-time personnel is presented to
<br />LPDC on or before said uqust 30g 2021 deadline, the LPDC shall convene imeeting
<br />of the LPDC Board of Directors for a date no later than forty-five (4 ) days after receipt
<br />of proof of employment by lessees at the wilding site by Recipient, Upon verification
<br />of employment as reflected by formal vote of the LPDC Board of Directors, LPDC will
<br />then r emit the 4 ,000,00 to Recipient within a permed not to exceed thirty (30) days.
<br />In the event that Recipient qualifies for the 4 ,000,00 incentive inst llim nt based upon proof of
<br />employment of four (4) full-time positions by lessees Faceted at the wilding site pursuant to Article 1,
<br />Paragraphs 2, above, then in such case Recipient shall be required to prove the continuous employment
<br />by lessees at the wilding site of a cumulative iminiimuim of four (4) full-time positions, for a continuous
<br />five () year permed, At the conclusion of each calendar year during such five () year permed, beginning
<br />on December 31, 2021, through and including December 31, 2025, Recipient shall be required to
<br />subunit to the LPDC proof of employment of a iminiimuim of four (4) full-time positions at the wilding
<br />site, in the im nn r required under Article 1, Paragraphs 2, above, Should Recipient fail to provide proof
<br />of the employment of four (4) full-time employees at the end of a calendar year, then for that year
<br />Recipient shall be responsible for remitting to the LPDC the suim of $17,000,00 representing recapture
<br />out of the previously awarded $85,000,00 incentive paid under this Agreement, However, in the
<br />instance that Recipient provides proof of employment of a iminiimuim of four (4) full-time positions at the
<br />end of a calendar year, Recipient shall be relieved from the obligation to r emit to the LPDC $17,000,00
<br />recapture for that year.
<br />If Recipient fails to qualify for the 40,000 incentive inst llim nt provided for in Article I, Paragraphs 1
<br />but qualifies for payment of the 4 ,000,00 payment under Article 1, Paragraphs 2, then in that case the
<br />obligations of Recipient to im int in the continuous employment of four (4) full-time personnel t the
<br />Building site shall continue to apply, but in the case of failure to im int in employment of four (4) full-
<br />time employees at the wilding site shall subject Recipient to the requirement to remit to the LPDC
<br />9000,00 as recapture out of the previously awarded $45,000 incentive paid under this Agreement,
<br />instead of 17,000,00,
<br />All funds received as herein provided shall be solely for the purpose of contributing towards
<br />Recipient's costs in the renovation of the exterior and interior of the building Faceted at 100 West Main
<br />Street and for the im king of associated site and infrastructure improvements, to operate a imix d-use
<br />commercial and residential facility. Recipient further acknowledges that the incentive grant provided for
<br />herein is tied to a project of the LPDC for the promotion or development of new or expanded business
<br />enterprises, as authorized by Texas Local Government Code chapters 501 and 505,
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