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

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BK -00026 PG-0572 STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE FUNDS FOR COUNTY OF LEE GKN DRIVELINE THIS AGREEMENT, made and entered into this the day of , by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate (hereinafter "County "), and GKN DRIVELINE, a company with an office and place of business in Sanford, North Carolina (hereinafter "Company "); WITNESSETH: WHEREAS, the Grant from the County to the Company is in the amount of $153,900, (ONE HUNDRED FIFTY THREE THOUSAND, NINE HUNDRED DOLLARS) and has been negotiated and agreed to by the parties contingent upon the Company entering into this Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and WHEREAS, the Grant is to be used by the Company toward the goal of creating 105 (ONE HUNDRED FIVE) New Jobs (hereinafter "New Jobs ") at an average wage of $38,096 (THIRTY EIGHT THOUSAND NINETY SIX DOLLARS) and at least $8,500,000 (EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS) in Taxable Investment (hereinafter "Taxable Investment ") in connection with the Company's manufacturing operations in Lee County; and WHEREAS, the Grant is necessary to enable the job creation and taxable investment by the Company in Lee County to occur and go forward; and WHEREAS, the Grant also is necessary to enable the retention of 100 jobs existing at the Company's facility in Lee County as of the effective date of this Agreement; and WHEREAS, the Grant will stimulate local economic activity, promote business, and create a number of new jobs for the citizens of Lee County; and WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local Development Act, North Carolina General Statute §§ 158 -7.1 through 7.4, including a public hearing held on May 22, 2014; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the Company agrees: 1. TERM. The term of this agreement shall begin upon execution on day of , 2014 and shall end on 1' day of March, 2021, unless sooner terminated pursuant to the provisions of the Agreement contained herein. 2. PROJECT. The economic development project (hereinafter "Project ") consists of the COMPANY reopening a manufacturing facility in Lee County, North Carolina, which will have a cumulative initial ad valorem taxable investment (prior to depreciation) of at least GKN Incentive Agreement — 6.2.14