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

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4. GRANT. In exchange for the Capital Investment by the COMPANY, the creation of New Jobs paying the average annual wage rate as stated herein, and pursuant to North Carolina General Statutes § 158 -7.1, the COUNTY anticipates making an incentive grant to the COMPANY of up to $233,460.00 (TWO HUNDRED THIRTY -THREE THOUSAND FOUR HUNDRED SIXTY DOLLARS) over a five (5) year period, provided all conditions and requirements stated herein are met. The amounts to be appropriated pursuant to the terms of this Agreement are shown on Exhibit A and incorporated herein as part of this Agreement. 5. PERFORMANCE CRITERIA a. The COMPANY agrees to undert operate in a timely manner the following new project in conne red its manufacturing operations in Lee County: expansion of 77 OMP S manufacturing operations located at its Sanford, Lee " y, North C a facility and placing new manufacturing equipm a facility. � , b. Existing Jobs. The CO NY a s to retaii' current level of operations at io facility in L u 'd to main tai ® e level of the 100 (ONE H D) full -timxI ng jobs (hereinafter Existing Jobs") at the facilit Eton to the N� Jobs to be created as part of this Agreement, as f *der � *?tied herei� /y, C. y ` The C0MPANY *.gees to cite and maintain 105 (ONE DR�, FIVE) nom, anent,11 time jobs (hereinafter "New ,� �, s) Th w Jobs "� Ibe created ' December 31, 2015 and shall be m' coed ' not less ve years from the date created. All New Jobs crea te rinsp this Agreement must be filled by employees sped a the of ,date` of this agreement who work at least 35 RTI) ho week and whose wages are subject to Wit' olding 104, Article 4A of Chapter 105 of the General Statutes. All New Jcis S must �e an average annual wage of $38,096 (THIRTY EIGHT �,r,- THOU TD NI ftY SIX DOLLARS). d. S,hould it necessary, after the effective date of this Agreement, for w '! be counted by the COMPANY as an Existing Job for purposes ning the base level of Existing Jobs required by this Agreement, vna that may not then be counted as a New Job. A job created or retained pursuant to the terms of this agreement may not simultaneously count as both a New Job and an Existing Job. e. Capital Investment. The COMPANY agrees to make a privately funded capital investment (hereinafter "Capital Investment ") in machinery, equipment and capital improvements as part of the Project, which will amount to at least THIRTEEN MILLION FIVE HUNDRED THOUSAND