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021 <br />4. GRANT <br />a. In exchange for the Taxable Investment by the COMPANY, the creation of <br />New Jobs paying the average annual wage rate as stated herein, and <br />pursuant to North Carolina General Statutes §158-7.1, the COUNTY <br />anticipates making an incentive grant to the COMPANY of up to <br />$530,424.00, (FIVE HUNDRED THIRTY THOUSAND, FOUR <br />HUNDRED TWENTY FOUR DOLLARS DOLLARS), paid in annual <br />installments as shown on the attached Exhibit A, less any local match paid <br />pursuant to paragraph 4(b) below, with such payments starting no earlier <br />than the March 15, 2017, provided all conditions and requirements stated <br />herein are met, and continuing through March 15, 2022. The amounts to be <br />appropriated pursuant to the terms of this Agreement are shown on Exhibit <br />A and incorporated herein as part of this Agreement. <br />b. Notwithstanding the provisions of paragraph 4(a) above, the total amount <br />of the incentive grant described herein shall be reduced by any match <br />required to be paid by the COUNTY on the basis of the COMPANY'S <br />receipt of any grant requiring a local match, including, but not limited to, <br />grants such as a Building Reuse Program or CDBG grant from the North <br />Carolina Department of Commerce. <br />C. COMPANY initially requested a 70% grant. However, the grant given by <br />COUNTY shall be reduced to 60%. In consideration of such reduced <br />incentive grant, COUNTY shall transfer 8,565 (EIGHT THOUSAND <br />SIXTY-FIVE) pallets, the subject of a previous incentive grant, to <br />COMPANY. COMPANY agrees that in consideration for the transfer of <br />such pallets, it will continue to use the North Carolina Ports for exports and <br />imports from the Sanford plant. <br />5. PERFORMANCE CRITERIA <br />a. The COMPANY agrees to undertake and operate in a timely manner the <br />following new project in connection with its manufacturing operations in <br />Lee County: building renovations at the COMPANY'S manufacturing <br />facility located in Sanford, Lee County, North Carolina facility, placement <br />of new manufacturing machinery and equipment in the facility, and the <br />hiring of new 15 (FIFTEEN) new employees. <br />b. Existing Jobs. The COMPANY agrees to retain its current level of <br />operations at its facility in Lee County and to maintain a base level of 900 <br />(NINE HUNDRED) full-time existing jobs (hereinafter "Existing Jobs") at <br />the facility through the end of the Incentive Period as set forth in Paragraph <br />3 <br />Project Flint Incentive Agreement — 11.20.15 <br />