2-19-18 Regular Meeting - Laserfiche WebLink

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e. The COMPANY hereby further certifies that it was considering other states for this Project. f. 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 building construction and purchase of machinery and equipment-as of December 31,2017, as is further agreed to herein and shown on Exhibit A. g. The COMPANY covenants and agrees to pay the taxes, created the New Jobs at the average annual wage rate, and make the taxable investment,all of which are the subject to this Agreement, in accordance with the purposes and/or under the restrictions and covenants as set forth herein. 4. GRANT. In exchange for the Taxable Investment by the COMPANY,the creation of New Jobs paying the average annual wage rate as stated herein, and pursuant to North Carolina General Statutes 158-7.1,the COUNTY anticipates making an incentive grant to the COMPANY of up to $306,639.45 (three hundred and six thousand, six hundred and thirty-nine dollars and forty-five cents),paid in annual installments as shown on Exhibit A, subject to the obligation to repay incentive funds or to receive partial incentive funds as explained in section 7 of this Agreement. 5. PERFORMANCE CRITERIA. a. The COMPANY agrees to undertake and operate in a timely manner the following new project in connection with its automotive manufacturing operations in Lee County,expansion of the COMPANY's manufacturing operations located at its Sanford, Lee County North Carolina facility, new manufacturing machinery and equipment and building construction, and the hiring of at least 109 (one hundred and nine)New Jobs and maintain all 109 New Jobs through the life of the project. b. New Jobs. The COMPANY agrees to create and maintain at least 109(one hundred and nine)permanent, full-time New Jobs through the end of the Incentive Period, as set forth in Paragraph 1 of this Agreement, and as evidenced in Exhibit A. All New Jobs created pursuant to the terms of this Agreement must be filled by employees hired to work after the 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$34,954.00 (thirty-four thousand, nine hundred and fifty- four dollars). The COMPANY will hire the New Jobs according to Exhibit A, and must be maintained through the Incentive Period. If the COMPANY does not meet the cumulative required number of New Jobs, according to Exhibit A, the