3-19-18 Regular Meeting - Laserfiche WebLink

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hired to work after the date of this agreement who work at least 35 (thirty-five) hours per week and whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes. All New Jobs must have an average annual wage of $41,526.00 (forty-one thousand, five hundred and twenty-six dollars). The COMPANY will hire the New Jobs according to Exhibit A, and must be maintained through the Incentive Period. If the COMPANY does not meet the cumulative required number of New Jobs, according to Exhibit A, the 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. d. Should it become necessary, after June 30, 2018, for a New Job to be counted by the COMPANY as an Existing Job for purposes of maintaining the base level of Existing Jobs required by this Agreement, that job may not then be counted as a New Job. A job created or retained pursuant to the terms of this agreement may not simultaneously count as both a New Job and an Existing Job. e. Taxable Investment. The COMPANY agrees to make a privately funded net new taxable investment in building renovations, machinery, equipment and taxable improvements as part of the Project, which will amount to a net new taxable investment of $29,500,000.00 (twenty-nine million, five hundred thousand dollars), over the five 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. f. 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 31 ', 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.