Agenda - 1-3-17 Reg. Meeting - Laserfiche WebLink

Home Browse Search

2. Project. The economic development project (hereinafter "Project") consists of the Company purchasing new machinery and equipment for its existing building in Lee County, North Carolina, which will have a cumulative initial ad valorem taxable investment (prior to depreciation) of at least thirty-seven million, two hundred thousand dollars ($37,200,000.00) and will create and maintain, as further described in paragraph 5, at least sixty-six (66) New Jobs at an average annual wage of $39,303.00, as further described herein. 3. Representations by the Company. The Company makes the following representations as the basis for the undertakings on its part herein contained: a. The Company is a state of Delaware corporation authorized to do business in North Carolina and in good standing under the laws of the State of North Carolina. The Company has the power and authority to enter into this Agreement, to perform its obligations under and consummate the transaction contemplated by this Agreement, and has by proper action duly authorized execution and delivery of this Agreement. b. Neither the execution or deliver of this Agreement nor the performance of the obligations under or consummation of the transactions contemplated by this Agreement violates or will violate any law or governmental order, conflicts or will conflict with any provisions of the Articles of Incorporation or the By - Laws of the Company or any material term or provision of any agreement or instrument to which the Company is a party or by which it is bound, or constitutes or will constitute a material breach of or a default under any such agreement or instrument. c. The Company presently intends to operate the Project as an industrial manufacturing operation at a facility within the County until the County receives the prospective tax revenues from the improvements on the property and until the Company creates sixty-six New Jobs to be maintained through the end of the Incentive Period as set forth in Paragraph I of this Agreement, all conditions of which were contemplated in arriving at the consideration that it receives pursuant to this Agreement. d. The Company hereby certifies that without the incentives provided by the County, it would not be able to conduct the Project in the County. e. The Company has been informed and understands that reimbursement will be made only for the New Jobs created at an average annual wage rate stated herein and verifiable investment -through an increase in taxable property and machinery -on or after the execution of this document, as is further agreed to herein. f. The Company covenants and agrees to pay the taxes, create the New Jobs at the average annual wage rate, make the taxable investment, and maintain two hundred and twenty-four current jobs, all of which are the subject of this Agreement, in accordance with the purposes and/or under the restrictions and covenants as set forth herein.