Agenda - 12-7-15 Reg. Meeting - Laserfiche WebLink

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021 1 of this Agreement, in addition to the New Jobs to be created as part of this Agreement, as further described herein. C. New Jobs. The COMPANY agrees to create and maintain 15 (FIFTEEN) permanent, full-time New Jobs through the end of the Incentive Period as set forth in Paragraph 1 of this Agreement. All New Jobs created pursuant to the terms of this Agreement must be filled by employees hired after the effective date of this agreement who work at least 35 (THIRTY-FIVE) hours per week and whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes. All New Jobs must have an average annual wage of $31,200 (THIRTY-ONE THOUSAND TWO HUNDRED DOLLARS). d. Should it become necessary, after the effective date of this Agreement, for a New Job to be counted by the COMPANY as an Existing Job for purposes 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 improvements as part of the Project. Such taxable investment will total at least $18,000,000.00 by January 1, 2017 and will produce ad valorem taxes in an amount of $143,100.00 payable to COUNTY. Total investment over the incentive period for building renovations and equipment shall be at least $28,000,000 (TWENTY-EIGHT MILLION DOLLARS) which over the life of the project, shall pay the COUNTY $884,040 (EIGHT HUNDRED EIGHTY- FOUR THOUSAND FORTY DOLLARS) in tax revenue. f. 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. The 15th of March, 2022. 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 4 Project Flint Incentive Agreement — 11.20.15