3-19-18 Regular Meeting - Laserfiche WebLink

Home Browse Search

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, the maintenance of existing jobs, and verifiable investment -through an increase in building renovations 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, maintain Existing Jobs, 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 $346,246.00 (three hundred and forty-six thousand, two hundred forty-six dollars), 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 current mechanical 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 renovations, and the hiring of at least 40 (forty) New Jobs and maintain all 40 New Jobs, and existing jobs, through the life of the project. b. Existing Jobs. The COMPANY agrees to retain its current level of operations at its facility in Lee County and to maintain a base level of 815 (eight hundred and fifteen) full time existing jobs (hereinafter referred to as Existing Jobs) at the facility through the end of the Incentive Period as set forth in Paragraph 1 of the Agreement, in addition to the New Jobs to be created as part of this Agreement, as further described herein. c. New Jobs. The COMPANY agrees to create and maintain at least 40 (forty) 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