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3-19-18 Regular Meeting
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3-19-18 Regular Meeting
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4/16/2018 1:57:35 PM
Creation date
4/16/2018 11:39:47 AM
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Admin-Clerk
Document Type
Minutes
Committee
Board of Commissioners
Date
3/19/2018
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1. TERM. The term of this agreement shall begin upon execution in 2018 and shall end on <br />the 31 ' day of December 2023, unless sooner terminated pursuant to the provisions of the <br />Agreement contained herein or extended by mutual agreement of the Parties. <br />2. PROJECT. The economic development project (hereinafter referred to as Project) <br />building renovations and the purchase of new machinery and equipment to be installed in <br />a manufacturing facility by the COMPANY in Lee County, North Carolina, which will <br />have a cumulative initial net new ad valorem taxable investment (prior to depreciation) <br />of $29,500,000.00 (twenty-nine million, five hundred thousand dollars) and will create <br />and maintain, as further described in paragraph 5, at least 40 (forty) New Jobs at an <br />average annual wage of at least $41,526.00 (forty-one thousand, five hundred and <br />twenty-six dollars), as further described herein. <br />3. REPRESENTATIONS BY THE COMPANY. The COMPANY makes the following <br />representations as the basis for the undertakings on its part herein contained: <br />a. The COMPANY is a State of Delaware Corporation, authorized to do business in <br />North Carolina and in good standing under the laws of the State of North <br />Carolina. The COMPANY has the power and authority to enter into this <br />Agreement, to perform its obligations under and consummate the transaction <br />contemplated by this Agreement, and has by proper action duly authorized the <br />execution and delivery of this Agreement. <br />b. Neither the execution or delivery of this Agreement nor the performance of the <br />obligations under or consummation of the transactions contemplated by this <br />Agreement violates or will violate any law or governmental order, conflicts or <br />will conflict with any provisions of the Articles of Incorporation or the By -Laws <br />of the COMPANY or any material term or provision of any agreement or <br />instrument to which the COMPANY is a party or by which it is bound, or <br />constitutes or will constitute a material breach of or a default under any such <br />agreement or instrument. <br />c. The COMPANY presently intends to operate the Project as a mechanical <br />manufacturing operation at a facility within the COUNTY until the COUNTY <br />receives the prospective tax revenues from the improvements on the property and <br />the net new taxable investment and until the COMPANY creates at least 40 New <br />Jobs to be maintained through the end of the Investment Period, as set forth in <br />Paragraph 1 of the Agreement, all conditions of which were contemplated in <br />arriving at the consideration that it receives pursuant to this Agreement. <br />d. The COMPANY hereby certifies, and further attaches an affidavit of certification, <br />that without (BUT FOR) the incentives provided by the COUNTY, it would not <br />conduct the Project in the County. <br />
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