Texas Local Government Code 501.158 – Performance Agreements
(a) A corporation may not provide a direct incentive to or make an expenditure on behalf of a business enterprise under a project as defined by Subchapter C of this chapter or by Subchapter D, Chapter 505, unless the corporation enters into a performance agreement with the business enterprise.
(b) A performance agreement between a corporation and business enterprise must:
(1) provide, at a minimum, for a schedule of additional payroll or jobs to be created or retained and capital investment to be made as consideration for any direct incentives provided or expenditures made by the corporation under the agreement; and
(2) specify the terms under which repayment must be made if the business enterprise does not meet the performance requirements specified in the agreement.
Terms Used In Texas Local Government Code 501.158
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.