12-11-17 Regular Meeting - Laserfiche WebLink

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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 31st day of December, 2023, unless such term is extended by mutual written agreement of the Parties. 7. OBLIGATION TO REPAY GRANT FUNDS AND/OR RECEIVE PARTIAL INCENTIVES. 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 from the COMPANY that received any incentives made possible by this grant, as set forth herein, and COMPANY, or any party, shall remit such incentive funds promptly to the COUNTY and the COMPANY shall bear all costs of collection. If the Project as described in this Agreement and the attached exhibits does not meet the Performance Criteria set out herein and the standards for the incentive paid as set out in Exhibits A and B which are hereto attached, all or part of the Grant Award must be repaid as follows: a. If: 1) the amount of ad valorem taxes paid to the COUNTY over the term of this agreement which are attributable to this project has not been sufficient to pay to the COUNTY the amount of incentives paid from COUNTY funds, which could amount to $1,412,715 (ONE MILLION FOUR HUNDRED AND TWELVE THOUSAND SEVEN HUNDRED AND FIFTEEN DOLLARS) in the next FIVE fiscal years, and/or 2) the total number of New Jobs created does not equal or exceed 50 (FIFTY), or such New Jobs do not have an average annual wage of $90,000 (NINETY THOUSAND DOLLARS), such New Jobs are not created and maintained through the end of the Incentive Period as set forth in Paragraph 1 of this Agreement, or Existing Jobs are not maintained pursuant to Paragraph 5(b) of this Agreement, then, in any event, the COUNTY shall reduce the grant amount paid from COUNTY funds in the following manner, determined each year of the incentive Agreement: (1) If the ad valorem taxes paid by the COMPANY do not meet the required minimum amount of ad valorem taxes attributable to the cumulative taxable investment that is evidenced each year in Exhibit B, the COUNTY will reduce the total incentive grant by a prorated amount based off the percentage of actual cumulative investment by year of the incentive agreement. (2) If the COMPANY does not meet the requirements for cumulative New Jobs, including number of jobs, average annual wage, and maintaining Existing Jobs, as evidenced in Exhibit A, the COUNTY shall reduce the total incentive 5