Town Council Regular Meeting


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AI-698 6.H.       
Meeting Date: 01/18/2022  

AGENDA ITEM:
Consider Action to Approve the First Amendment to the Performance Agreement between Little Elm EDC and Hurtado Barbecue, LLC.
DESCRIPTION:
Amendments to the Original Agreement are as follows:
 
1. Qualified Expenditures. Developer covenants and agrees to submit to the EDC upon request, invoices, receipts, or other documentation of the Qualified Expenditures made to the Property in a form acceptable to the EDC prior to any reimbursement. Developer covenants and agrees to provide to the EDC upon request said invoices, receipts, or other documentation in the amount not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) by August 1, 2022.
 
2. Certificate of Occupancy. Developer covenants and agrees to obtain or cause to be obtained by August 1, 2022, a Certificate of Occupancy from the Town of Little Elm, Texas, for a minimum of 5,935 square feet for Hurtado Barbecue Restaurant space located on the Property.

3Operate Hurtado Barbecue Restaurant. Developer covenants and agrees by August 1, 2022, and during the Term of this Agreement to keep open to the general public the Hurtado Barbecue Restaurant located on the Property, for a term of fifteen (15) years.

4. Job Creation and Retention. Developer covenants and agrees by August 1, 2022, and during the Term of this Agreement to employ and maintain a minimum of thirty-five (35) Full-Time Equivalent Employment Positions working at the Property. Developer covenants and agrees beginning on September 1, 2023 (for the initial reporting period of August 1, 2022 to July 31, 2023), and during the Term of this Agreement, Developer shall deliver to EDC upon request an annual compliance verification form signed by a duly authorized representative of Developer that shall certify the number of Full-Time Equivalent Employment Positions, and shall disclose and certify the average wage for all Full-Time Equivalent Employment Positions (the “Annual Compliance Verification”). The Developer covenants and agrees beginning on September 1, 2023, and annually thereafter during the Term of this Agreement, there will be a total of fifteen (15) Annual Compliance Verifications due and submitted to EDC covering the Full-Time Equivalent Employment Positions created and maintained during the Term of this Agreement. All Annual Compliance Verifications shall include quarterly IRS 941 returns, or Texas Workforce Commission Employer Quarterly Reports.

5. Financial Assistance. EDC covenants and agrees to submit reimbursement for Qualified Expenditures made by the Developer in the amount of Four Hundred Thousand and No/100 Dollars ($400,000.00) within thirty (30) days of receipt of invoices, receipts, or other documentation in the minimum amount of Four Hundred Thousand and No/100 Dollars ($400,000.00) by August 1, 2022, consistent with Section 4(a) of this Agreement, and receives a certificate of occupancy and is open for business consistent with Sections 4(b) and 4(c) of this Agreement.”
BUDGET IMPACT:
The Qualified Expenditures in the agreement, in the amount of Four Hundred Thousand and No/100 Dollars ($400,000.00), is a budgeted item from EDC Incentives for FY 2021-2022.
RECOMMENDED ACTION:
Staff recommends approval.
Attachments
First Amendment to Performance Agreement-Hurtado Barbecue


    

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