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BK :00026 PG:0576 <br />reduce the grant amount paid from COUNTY funds in the following <br />manner: <br />(1) If the ad valorem taxes paid by the COMPANY do not meet <br />the required minimum amount of taxable investment of <br />$8,500,000 (EIGHT MILLION FIVE HUNDRED <br />THOUSAND DOLLARS) set out herein, the COUNTY will <br />reduce the total incentive grant by a prorated amount based <br />off the percentage of actual investment. <br />(2) If the COMPANY does not meet the requirements for New <br />Jobs, including number of jobs, average annual wage, and/or <br />maintaining such New Jobs for five years, pursuant to the <br />provisions set out in this Agreement, COUNTY shall reduce <br />the total incentive grant by a prorated amount based off the <br />percentage of New Jobs not meeting the criteria. <br />(3) If any Existing Jobs are eliminated or cease to exist prior to <br />Closeout and after any grant payment by the County, then <br />the Company shall repay the County part of the Grant at a <br />prorated per Existing Job eliminated or not maintained <br />through Closeout. <br />b. If at any time during the Grant period the COMPANY substantially ceases <br />operations at the Project, the COUNTY shall not be obligated to pay to the <br />COMPANY any further grant funds. <br />C. If at any time during the Grant period the COMPANY fails to retain one <br />hundred percent of the Existing Jobs present at the time the Agreement is <br />entered into, the COMPANY will be in default of this agreement and the <br />COUNTY shall not be obligated to pay to the COMPANY any further grant <br />funds. <br />8. ADDITIONAL PROVISIONS <br />a. Verification and Reporting. The COMPANY shall provide to the <br />COUNTY on a quarterly basis or upon the County's request all <br />documentation deemed necessary by the COUNTY to verify retention of <br />the Existing Jobs, creation and maintenance of the New Jobs, and <br />expenditure of the Taxable Investment described in this agreement, <br />including, but not limited to, Employment Security Commission form <br />NCUI 101, a list of all positions used in accounting for the New Jobs and <br />Existing Jobs, and the use of the Grant funds. Annual reporting shall be <br />done by March 31 every year. <br />5 <br />GKN Incentive Agreement — 6.2.14 <br />