2-19-18 Regular Meeting - Laserfiche WebLink

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incentive amount paid to the COMPANY for that year will be reduced. If the number of New Jobs is not maintained in any other fiscal year of the Incentive Period,the incentive amount for that given year will be reduced. c. Taxable Investment. The COMPANY agrees to make a privately funded net new taxable investment in building construction and the purchase of machinery, equipment and taxable improvements as part of the Project,which will amount to a net new taxable investment of$22,500,000.00 (twenty-two million,five hundred thousand dollars),over the seven year life of the Incentive Project. The Company will make taxable investments each year of the life of the project according to Exhibit A. If the COMPANY makes such taxable investment,the COUNTY may pay an incentive amount up to the amount shown on Exhibit A. When the COUNTY calculates its incentive each year,the COMPANY agrees that the incentive will be reduced if such taxable investment is not made in accordance with Exhibit A. The incentive amount will not be reduced in any year if the COMPANY exceeds the taxable investment as shown in Exhibit A. d. The COMPANY'S compliance with all Performance Criteria set out in this Agreement shall be attested to annual under oath by an officer of the COMPANY and provided to the COUNTY by no later than March 31'of the subsequent year. If the COMPANY has not provided proof of the New Jobs or the Existing Jobs or the Taxable Investment by March 31St, it will be assumed the COMPANY is no longer requesting an incentive for that year of this Agreement. If the COMPANY needs additional time to provide the necessary proof, it must notify the COUNTY, in writing,thirty days before the proof is due, asking for an extension and the COUNTY has the sole discretion in determining whether to provide an extension and the date the proof will be due. The COUNTY will not unreasonably withhold a request for extension of time. 6. CLOSEOUT. The COUNTY will close out the Grant on the first of the following to occur, (hereinafter referred to as 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 31'day of December, 2025, 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, or shall reduce the amount of the incentive grant, and/or seek reimbursement from the