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

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completion of renovation of the Building in order to qualify for the inicenitive payments outlined in Paragraph 2 below. 2) A cash incentive payment in an amount equal to $45,000.00 will be distributed to Recipient by LPDC upon delivery to the LPDC of a) an employment roster evidencing that entities leasing space within the Building cumulatively employ a minimum of four (4) full time employees at the Building site as of Jt+neA,u.g-ust 301, 2,021. However, in no case wil1l the $45,0001.0101 payment be made by LPDC if proof of the employment of a minimum of four (4) full time personnel as of Ji-,rF-[eAL 301, 2021 is not delivered to and received by LPDC by Octoberu`,.,�t__..:Ilg�2021. Proof of employment, for purposes of this agreement, may be satisfied by submission to LPDC by the said OctoberAu-Est---- 301, 20911 deadline of a) copies of Building site, lessees' 941 Report to the Internal Revenue Service and C3 Report to the Texas Workforce Commission for each employee (but with social security numbers of each employee redacted) and b) a notarized statement executed by Building site lessees affirming that a cumulative four (4) full time employees are employed i:n positions permanently located at the Building site. In the case that proof of employment of four (4) full-time personnel is presented to LPDC on or before said October Augu_s1, 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 employment by lessees at the Building site by Recipient. Upon verification of employment as reflected by formal' vote of the LPDC Board' of Directors, LPDC will then remit the $45,000.00 to Recipient within a period not to exceed thirty (30) days. In the event that Recipient qualifies for the $45,000.00 incentive installment based upon proof of employment of four (4) full-time positions by lessees Iocated at the Building site pursuant to Article 1, Paragraph 2,, above, then in such case Recipient shall be required to prove the continuous employment by lessees at the Building site of a cumulative minimum of four (4) full-time positions, for a continuous five (5) year period. At the conclusion of each calendar year during such five (5) year period, beginning on December 31, 2021, through and including December 31, 2025, Recipient shall be required to submit to the LPDC proof of employment of a minimum of four (4) full-time positions at the Building site, in the manner required under Article 1, Paragraph 2, above. Should Recipient fail to provide proof of the employment of four (4) full-time employees at the lend of a calendar year, then for that year Recipient shall be responsible for remitting to the LPDC the sum of $17,0100.010 representing recapture out of the previously awarded $85,0100.00 incentive paid under this Agreement. However, in the instance that Recipient provides, proof of employment of a minimum of four (4) full-time positions at the end of a calendar year, Recipient shall be relieved from the obligation to remit to the LPDC $17,0100.00 recapture for that year.