Agenda Package - 01-31-11 - Laserfiche WebLink

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Gil • w created and retained nut less tlein t%cu hundred Ibrty four (244) of lire New Jobs. (it) made Statutorily Qua life in Expenses in the amount to be disbursed, (iii) ma in lained at I relit one hundred percent (100%) of the Current Jobs (i.e., 835 jobs), and (iv) invested Twenty Five Million Four Hundred Seventy Thousand Dollars (S25,470,000,00) of the Required Inyestnrent (90 oI the iii,c mlcnt amouill stated in the .Applicutiun). the Applicant %k ill submit or cause to be submitted to DOC each application for an installment of Grant funds upon proof of the creation of the New Jobs after the Company files its annual report under the Company's CF.D.A, and satisfaction nfall other Performance Criteria necessary for disbursement. Following receipt of Grant funds from DOC, the Applicant will disburse such funds to the tom pane puruant m the terms of ill's rAgre.emcnt. 'I "bc Ctrnrpaua shall be eligible for Grant pacnients oak' if it crcaea tike teyuircd minimutu rnnnbci of Neu' Jobs each dear, as specified in paragraphs 1 1(a), (h) and (c). Should it become necessary fora job created after the ISlfectivc Dakc to be counted as a Current Job for purposes of establishing the base level of Current Jobs required to be maintained in this .Agreement, that job may kink be double - counted as a New Job. 3.2. DOC will close out the performance period for ..-ith the Compnnv is eligible for Grant payments. on December 31, 2013 ('Eligibility Closeout"). Following I Ii,ibilm Closeout, to the extent arry Grant proceeds may be due and upon the Applicants request and demonstration of compliance, a I final payment of those funds will be disbursed. if such request is made to DOC by May 3(L -01't. for job creation as of December ± I. ?UL'•, as demonstrated by its timely and compliant 2011 JDIG annual compliance report. • 3.0 ORLICATION TO REPAY IMUING GRANT PFRl- OlZN1,sNf'E PEIZIOD 3.1 If at anv time during the Grant I'erformance Period, the Company fails to retain at )cast 100`.. of the Current Jobs (i.e._ 825jobs), or the Company defaults under the CEDA (unless otherwise specified herein), the Company will be in default of this Agreement. no linther payment will he made. and the Company will reimburse the total amou n ol'Grant funds disbursed by DOC to the Applicant. _._ II, at arse time durin- the Gram Per fonnancc Period, the Compunc tails to provide health nnnunec fur all permanent full -tints jobs in the :mwunt required for m\ credit eligibiliry under the provisions of .Arlicle 31 specified in N.C. Gen. Sian. $ 105- 12M3(d). the Company %will be In default of this A rcenncm, no further payment kill be made, and the Company will reimburse DOC the total amount of the Grant funds disbursed by DOC to the Applicant. 3.3 IL al am time durin the Grant Perfonnancc Period, tire uvera weekly vv�age of the grout) of all permanent full -time jobs in the Facility fails to equal or exceed the Wage Standard, the Company will be in default of this Agreement, nn 0tnher payment will he made, and Ibe Company %rill reimburse DOC the total amours of the Chant funds disbursed by DOC to the Applicant. 0,.0 ORLIGATION TO REPAY AT EQ_ICIBILITY CLOSEOUT .I.I IC 8k I 'ibilit% C osco tit. the Comp, ny is not in compliance n =ith the minimum pet li rmance rcyuncmenis of the CFDA, the Company trill be in Mar under this Ac!rccmurt, no final ( "pf!4;r!,it I.,' c1.,.n:' Onc 1o';i";u !-:md:!e,remznr(J' -5-