Agenda - 5-22-14 Reg. Meeting - Laserfiche WebLink

Home Browse Search

t .3 U North Carolina, which will have a cumulative initial ad valorem taxable value (prior to depreciation) of at least $13,500,000 (THIRTEEN MILLION FIVE HUNDRED THOUSAND DOLLARS) and will create and maintain, as further described in paragraph 5, at least 105 (ONE HUNDRED FIVE) New Jobs at an average wage of $38,096.00 (THIRTY EIGHT THOUSAND NINETY SIX DOLLARS), as further shown on Exhibit A. 3. REPRESENTATIONS BY THE COMPANY. The Company makes the following representations as the basis for the undertakings on its part herein contained: a. The COMPANY is a , ,. corporation authorized to do business in North Carolina and in goo -' ding under the laws of the State of North Carolina. The COMPAN the power and authority to enter into this Agreement, to perfoinnill,41ts ons under and consummate the transaction contemplated by kgreem d has by proper action duly authorized the execution ivery of thi eement. b. Neither the execution orb ` 'very of this Agreeme r the performance of the obligations under or co matioq transa contemplated by this Agreeme violates or �., vi , any law or ental order, " ,�, conflicts or ict with an}�rosions of the Articles of Incorporation or the By -Law ' ' MPANY orb material term or provision of any agreement or ins e N6, ch the PANY is a party or by which it is bond, or const s nstitut�aterial breach of or a default �a W y i ,i "0,( such agre ' ,nt or m nt �� '! H j C. "bite COMP�IY prese tends to orate the Project as an industrial in actur opera ti , facility within the COUNTY until the COU*Y J the pro tive tax revenues from the improvements on prosy and ufitil the 1VIPANY creates 105 (ONE HUNDRED ) jobs ,to be maintainer for a period of FIVE (5) years, all conditions of were contemplated in arriving at the consideration that it receives pursuao this " Agreement. The C011 / ANY hereby certifies that without the incentives provided by the COL'Y, it would not be able to conduct the Project in the County. e. T� PANY has been informed and understands that reimbursement l %,� will 1"made only for the jobs created at a minimum wage rate stated herein and verifiable investment — through an increase in taxable property and machinery — on or after the execution of this document, as is further agreed to herein. f. The COMPANY covenants and agrees to pay the taxes, create the jobs at a minimum wage rate, and make the investment, all of which are the subject of this Agreement, in accordance with the purposes and/or under the restrictions and covenants as set forth herein.