3-19-18 Regular Meeting - Laserfiche WebLink

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