Agenda Package - 01-31-11 - Laserfiche WebLink

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G1 • I.h 'I - he Company aprces to preside health insurance for all pcnnanenl lull- timejobs:u the Facility in at least the minimum ::moues required for cligibilit_r fur nO, credits under the Article. 31 provi� inns reflected in N.C. Gen. Star. 3 M- 12Ultd) as the Act existed on the Effective Date. I.'. The Contpanv agrees to stake good faith efforts to make a prvaieh funded inveslmen( in real property micTor machines and equipment as part of the ['reject. which to ill ammo to at least Twenty Ei^_ht Million Three Hundred Thousand Dollars ($35.300,000) (the "Required Investment "), by December 31 2013. I_S The proceeds of the Grant may be used only [o offset statutorily qualifying expenses as set out in V.C. Gen. Star. ; I4313�13771(b) (`Statutorily Qualifying Espenscs "), lbosc expenses in Cludc installation or purchase of equipment; structural repair, improyentents, or renovations to existing buildings to be used for expansion, including that used in interim leased facilities: construction of or improvements to ncsc or existing water, sewer. gas or electric utiliry distribution lines or cquipntcm fur existing buildings, CUnStraCtlUn of or improvements to new or existing water, sewer, eas or electric utilicv distribution lines or equipment for new or proposed buildings to be used for manufacturing and industrial operations: or such other expenses as specifically provided for by an act of the General .Assembly. 1.9 Release of any Grant funds under this Agrcemart is con I in-en I an the (Am party' providing verification that the Project has received all of is required cmvirormtental permits. L10 Pavment and retention of any Grant finds under this Agreement is contingent oil the Compam• being in compliance with the Company's CI 2.0 DISBURSEMENTOFGlA1'T • 3.1 Proceeds of the Cirant in the amount of Six Hundred Thousand Dullari ($600,000.00) will be disbursed by UOC to the Applicant in three insuallmrnts based on perwrm :mce under the Compem's CEDA, lied to creation and maintenance of the Nevv Jobs and setishtction of other Per formanct Criteria set nut in Section 1.0 above ('Pci lot nirmcc Criteria ' ). Disbursement kill occur on the sclnduie and will be subject to an, adjusttnen[s required b, this Agreernew a. The first I %lo Hundred Sixty One 'I housand Dul tars (S261,000.00) of the Grant will be disbursed to [he Applicant following analysis and certification of the Company's ^_ant Year 2011 annual report under the Company's CED.A and proof[hat the Company has (i) created and retained not less one hundred six (106) of the New lobs, (it) made Staruteril_a Qualifying Expenses in the amount to be disbtased, (iii) obtained Al required cnvnonnuntal permits, and (iv) maintained at Icam one hundred purecnt ( 100 %) of the Curren Jobs (i R?i jobs). b_ The nczt One Hundred Sixty Trc - o'Ihousnnd Dullius ($162,000.00) of the Grant will be disbur,cd to the Applicant I'olluwu v anah5ri end cenificalion of the Company's grant year 301'_ annual report under the Contpana's CI -DA, upon Pi not 111u1 Ilse Company has (i) created and retained not less than one hundred seventy (yo (I 72) of the Ncty Jobs, (ii) mode Sen iterily Qualifving Expenses in thr amount to be disbursed, and (iii) maim; :inrd at least one hundred percent (100 %) of file Current lobs (i.e,, 825 jobs). C. I Ile final One Hundred Seventh Seven Thousand Dollars ( S177A0OM) of the Grant will be disbursed m the Applicant following analysis and certification of the Company - s ,rant Year 201', annual report under the Company - s CEDA, upon proof that the Company hru I'we(.lprren;a,;r i,1'.q.)(II I/: