2-19-18 Regular Meeting - Laserfiche WebLink

Home Browse Search

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 Exhibit A,all or part of the Grant Award must be repaid,reduced or reimbursed 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 up to $306,639.45 (three hundred and six thousand, six hundred and thirty-nine dollars and forty-five cents)in the next SEVEN fiscal years and/or 2) the total number of New Jobs do not meet 109 as evidenced by Exhibit A and does not meet the average annual wage of$34,954.00 (thirty-four thousand,nine hundred and fifty-four dollars),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: i. 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 A,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. ii. If the COMPANY does not meet the requirements for cumulative New Jobs, including number of jobs, average annual wage as evidenced in Exhibit A, the COUNTY shall reduce the total incentive grant by a prorated amount as of each calendar year of the incentive. iii. If any New Jobs are eliminated or cease to exist prior to Closeout and after any grant payment by the COUNTY, then the COUNTY shall reduce the total incentive grant by a prorated amount based off the percentage of original New Jobs according to Exhibit A versus actual jobs. b. If at any time during the Grant period,the COMPANY substantially ceases operations at the Project, the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and may ask for reimbursement for grant funds expended. 8. TERMINATION. a. This agreement shall terminate and the COMPANY shall be in breach for the following reasons as determined by the COUNTY, including, but not limited to the following: i. Failure to pay taxes; ii. Failure to comply with the terms and conditions of this Agreement;