Agenda Package - 06-15-09 - Laserfiche WebLink

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049 ® paid from County funds, which could amount to $77,363.00 and to pay the City the anticipated goal of double the amount of incentives paid from City funds, which could amount to $56,732.00, or i. The average weekly wage paid to the employees at the project during the same period set out in subparagraph i above did not equal or exceed $15.50 per hour as determined by current N.C. Employment Commission criteria; then in either event the Company shall refund to LCEDC amounts determined as follows with respect to the incentives paid from either County funds or City funds or both, as the case may be, to wit: (1) If the taxes paid by the recipient of the incentives do not meet the anticipated goal of double the amount of the incentive paid, then the recipient shall refund the amount determined by subtracting the amount of taxes actually paid which are attributable to the project from the anticipated goal and then dividing the difference by two. (2) If the recipient of the incentives meets the standard for taxes but does not meet the standards for wage rates for a new business as set out in Exhibit "C", then it shall refund the full amount of the grant. (3) If the recipient of the incentives does not meet the standards for both taxes paid and wage rates as set out in Exhibit "C", then it shall refund amounts determined as follows- (i) The refund attributable to failure to pay the anticipated amount of taxes (double the incentives paid) shall be computed as set out in subparagraph (1) above. (ii) In addition to the refund due after the failure to pay the anticipated amount of taxes, the recipient of the incentives that fails to meet the standard for wage rates shall also refund the full amount of the grant. (iii) In no event shall the refund exceed the incentive paid. 4 of 25