Laserfiche WebLink
KKK, 23 `_49 <br />anticipated goal of double the amount of incentives <br />paid from County funds, which could amount to <br />$69,562.00 and to pay the City the anticipated goal of <br />double the amount of incentives paid from City funds, <br />which could amount to $50,086.00, or <br />ii. The average weekly wage paid to the employees at <br />the project during the same period set out in <br />subparagraph i above did not equal or exceed $15.50 <br />per hour as determined by current N.C. Employment <br />Commission criteria; then in either event the <br />Company shall refund to LCEDC amounts <br />determined as follows with respect to the incentives <br />paid from either County funds or City funds or both, <br />as the case may be, to wit: <br />(1) If the taxes paid by the recipient of the <br />incentives do not meet the anticipated goal of <br />double the amount of the incentive paid, then <br />the recipient shall refund the amount <br />determined by subtracting the amount of taxes <br />actually paid which are attributable to the <br />project from the anticipated goal and then <br />dividing the difference by two. <br />(2) If the recipient of the incentives meets the <br />standard for taxes but does not meet the <br />standards for wage rates for a new business <br />as set out in Exhibit "C", then it shall refund the <br />full incentive. <br />4. Assignment. No party shall assign any interest in or obligation <br />under this Agreement without the prior written consent of all of the parties. <br />IN WITNESS WHEREOF, LCEDC has caused this instrument to be <br />signed in its corporate name by its duly authorized officers and its seal to be <br />hereunto affixed by authority of its Board of Directors, and the Company has <br />caused this instrument to be executed in its company name by its duly <br />authorized manager, both the day and year first above written. <br />4 of 26 <br />