2011 - 03-21-2011 Reg. Meeting - Laserfiche WebLink

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BOOK 2:3 i'41`994 Performance Agreement This Performance Agreement ( "Agreement ") is entered into this the 7` day of March 2011 by and between Lee County (LC) and Frontier Spinning Mills, Inc. ( "Frontier'), a North Carolina corporation. RECITALS WHEREAS, Frontier operates a spinning facility in North Carolina, employs 1,014 workers in its North Carolina operations, and in the last 3 years purchased on average 165,167 bales of cotton per year grown in North Carolina ( "NC Cotton "); and WHEREAS, in order to decrease transportation costs, Frontier was considering moving some of its North Carolina operations from North Carolina closer to ports in Florida and Louisiana, which would have resulted in the loss of Frontier jobs in North Carolina and may have led to decreased sales of NC Cotton to Frontier; and WHEREAS, Lee County has received a grant (the "Grant') from the Golden LEAF Foundation (the "Foundation ") to be used by Lee County to purchase shipping pallets that Lee County will lease to Frontier to allow Frontier to more efficiently use the North Carolina ports and retain its employees and operations in North Carolina (the "Lease "); and WHEREAS, the terms of the Grant conditions release of grant funds on Frontier committing to retain its current level of employment in North Carolina and its current level of purchases of NC Cotton; and WHEREAS, this Agreement is intended to satisfy the conditions of the Grant and to allow Lee County to receive grant funds and purchase and lease the pallets to Frontier, NOW, THEREFORE, in consideration of the mutual promises and consideration set forth herein, the parties agree as follows: 1. Job Retention: a. Frontier represents that there are currently 1014 Frontier employees that work in Frontier's North Carolina factories, offices, and other facilities (the "NC Employees "). b. Annually on the anniversary of the execution of this Agreement, Frontier will provide to Lee County NCUI -101 forms or other documentation reasonably satisfactory to Lee County showing the current number of NC Employees. c. On the fifth anniversary of the execution of this Agreement, Lee County shall determine the mean number of NC Employees employed by Frontier during the term of this Agreement by adding the number of NC Employees shown on the information provided by Frontier to Lee County pursuant to Section 1.1o, above, and dividing the total by five (5).