05-24-21 Regular Meeting of the La Porte Development Corporation Board

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In consideration of Recipient renovating the existing structure at 100 West Main Street and operating a mixed use commercial and residential facility at the subject site ("Building" herein), which proposal 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 July 27, 2020, LPDC agrees to provide Recipient an incentive package consisting of a cash payment in a total sum not to exceed $85,000.00, to be distributed in two increments of $40,000 and $45,00�0.00 each, with each distribution conditioned on the attainment of certain performance thresholds, more specifically outlined as follows: 1) A cash incenitive payment in an amount equal to $40,000.00 will be distributed to Recipient by LPDC, upon a) receipt by LPDC of proof of substantial completion of renovation of the Building and b), proof of minimum capital investment in the amount of $650,000.00 applied towards, renovation of the Building and related infrastructure and site work, exclusive of the cost to Recipient to purchase the existing, real estate tract and vacant building. However, in no case will the $40:,000.00 payment be made by LPDC if documentation substantiating 1) substantial completion of the renovation of the Building and 2) the expenditure of no less than $650,000,.00 applied towards capital imiprovements to the Building is not delivered to and received by LPDC by 411[yKqy 15.2021. In the case that proof of substantial completion of renovation of the Building and minimum capital investment of $650,0010.00 applied towards capital improvements to the Building is presented to LPDC on or before said Jul 15, 2021 deadline, the LPDC shall convene a meeting of the LPDC Board of Directors for a date no later than forty-five (45) days after receipt of proof of substantial completion of the renovation of the Building and minimum capital investment of $650,000.001 by LPDC from Recipient. Upon verification of the substantial completion of the Building and minimum capital investment of $650,000.00, as reflected by formal vote of the LPDC Board of Directors that Recipient has satisfied the requirements of this paragraph, LPDC will then remit the $40,000.00 to Recipient within a period not to exceed thirty (30) days. In the case where Recipient fails to submit proof of substantial completion of renovation of the Building and proof of a minimum capital investment in the amount of $650,0010.00 by the j.UJM9y 15, 2021 deadline, despite being disqualified for the incentive payment Recipient will remain eligible to qualify for receipt of the $45,000,00 incentive payment under Paragraph 2 below, in so far as the conditions precedent for permanenit employment of four positions is established in such paragraph is, met. However, in such case Recipient will be required to submit proof of substantial 2