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BK -00028 PG: 0049 <br />and/or 2) the total number of New Jobs created does not equal or exceed 25 <br />(TWENTY-FIVE), or such New Jobs do not have an average annual wage <br />of $45,000 (FORTY FIVE THOUSAND DOLLARS), such New Jobs are <br />not created and maintained through the end of the Incentive Period as set <br />forth in Paragraph 1 of this Agreement, or Existing Jobs are not maintained <br />pursuant to Paragraph 5(b) of this Agreement, then, in any event, the <br />COUNTY shall reduce the grant amount paid from COUNTY funds in the <br />following manner: <br />(1) If the ad valorem taxes paid by the COMPANY do not meet <br />the required minimum amount of taxable investment of least <br />$30,200,000 (THIRTY MILLION TWO HUNDRED <br />THOUSAND DOLLARS) as set out herein, the COUNTY <br />will reduce the total incentive grant by a prorated amount <br />based 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 through the end of the Incentive <br />Period as set forth in Paragraph 1 and pursuant to the <br />provisions of this Agreement, COUNTY shall reduce the <br />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 County shall reduce the total incentive grant by a <br />prorated amount based off the percentage of Existing Jobs <br />not meeting the criteria. <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 as set forth in Paragraph 5(b) herein, <br />the COMPANY will be in default of this agreement and the COUNTY shall <br />not be obligated to pay to the COMPANY any further grant 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 />5 <br />