Minutes - 6-2-14 Reg. Meeting - Laserfiche WebLink

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B K 00026 PG of maintaining the base level of Existing Jobs required by this Agreement, that job 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. Taxable Investment. The COMPANY agrees to make a privately funded taxable investment in machinery, equipment and taxable improvements as part of the Project, which will amount to at least $8,500,000 (EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS) during the period July 1, 2014 through December 31, 2016 g. The COMPANY'S compliance with all Performance Criteria set out in this Agreement shall be attested to quarterly under oath by an officer of the COMPANY. 6. CLOSEOUT. The COUNTY will close out the Grant on the first of the following to occur (hereinafter "Closeout "): a. The date as of which the COUNTY has received and accepted proof reasonably satisfactory to it that the Project has been completed and all the Performance Criteria have been satisfied; or, b. Five years after the date of execution of this Agreement. 7. OBLIGATION TO REPAY GRANT FUNDS. If, for any reason, the Project shall not satisfy the minimum conditions set forth in this agreement, then the COUNTY shall not pay the incentive grant, reduce the amount of the incentive grant, and/or seek reimbursement from the COMPANY that received any incentives made possible by this grant, as set forth herein, and COMPANY, or any party, shall remit such incentive funds promptly to the COUNTY and the COMPANY shall bear all costs of collection. If the Project as described in this Agreement and the attached exhibits does not meet the Performance Criteria set out herein and the standards for the incentive paid as set out in Exhibit "1" which is hereto attached, all or part of the Grant Award must be repaid as follows: a. If 1) the amount of ad valorem taxes paid to the COUNTY over the term of this agreement which are attributable to this project has not been sufficient to pay to the COUNTY the amount of incentives paid from COUNTY funds, which could amount to $153,900 (ONE HUNDRED FIFTY THREE THOUSAND, NINE HUNDRED DOLLARS) in the next five fiscal years, and/or 2) the total number of New Jobs created does not equal or exceed 105 (ONE HUNDRED FIVE), or such New Jobs do not have an average annual wage of $38,096.00 (THIRTY EIGHT THOUSAND NINETY SIX DOLLARS), or such New Jobs are not created and maintained for at least five years, then, in any event, the COUNTY shall GKN Incentive Agreement — 6.2.14 4