Agenda Package - 01-31-11 - Laserfiche WebLink

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G08 Caterpillar's Obligation to Reoav Funds During Grant Performance Period 12011 -2013 • No further payments will be made and Caterpillar must repay to DOC the total amount of funds disbursed if anytime during the grant period Caterpillar • Does not maintain 100% of existing jobs, or • Defaults under the CEDA, or • Fails to provide health insurance for all permanent full time jobs, or • Fails to meet the wage standard • Is not in compliance with the CEDA at the eligibility closeout (December 31, 2013) Caterpillar's Obligations Beyond the Eligibility Closeout (December 31, 2013) • Must provide DOC a pro rata reimbursement of One North Carolina funds disbursed at the rate of $2,048 perjob failed to be created and retained in 2014 and 2015, as required by the CEDA Additional Provisions • DOC will use CEDA annual report and additional information to determine compliance with investment requirement under the One North Carolina grant • Caterpillar officer must certify, under oath, the job creation and retention requirements • Caterpillar and County may apply to DOC for modification of terms based upon extraordinary events. DOC Secretary has sole discretion to allow /deny modification and there is no appeal. • Caterpillar must keep documentation verifying performance and disbursement of funds • DOC and County have right to examine relevant Caterpillar records on reasonable notice • Failure of Caterpillar to keep records or allow DOC or the County access records allows either to • declare Caterpillar in default, withhold further payments, and require repayment of all or portion of disbursed funds. • If Caterpillar owes State taxes, no payments will be made until taxes are paid • Taxes unpaid for more than one year results in default • Payments are contingent upon appropriations • Forum for litigation is Wake County • GRANT AWARD IS NULL AND VOID UNLESS COUNTY COUNTERSIGNS THE PERFORMANCE AGREEMENT AND SIGNS THE LOCAL GOVERNMENT GRANT AGREEMENT WITHIN 60 DAYS OF THE DOCUMENTS BEING PRESENTED TO THE COUNTY. E