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2011 - 03-21-2011 Reg. Meeting
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2011 - 03-21-2011 Reg. Meeting
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BUK 23 1,,10012 <br />The Golden LEAF Foundation <br />GRANTEE ACKNOWLEDGMENT AND AGREEMENT <br />1) Grantee: Lee County <br />2) Project Title: - Frontier Spinning Mills Logistic Support Project (Cotton Ball) <br />3) Purpose of Grant: This Golden LEAF grant will allow Lee County to purchase pallets that it will lease to <br />Frontier Spinning. Frontier has been using ports in Florida and Louisiana for shipments, and has explored <br />moving production facilities closer to ports in the Gulf area, which would have resulted in the loss of Frontier <br />jobs in North Carolina and may have led to decreased sales of North Carolina cotton to Frontier. With these <br />pallets, Frontier will be able to ship its products from North Carolina ports at a more economical cost. The <br />purchase of the pallets will allow Frontier to maintain its employment of 1014 employees in North Carolina and <br />its purchase of over 165,000 bales of North Carolina cotton per year. <br />4) Amount of Grant: up to $1,000,000.00 <br />5) Award Date: 10/7/2010 Start Date: <br />6) Special Terms and Conditions Applicable to Grant: <br />a) Funds are to be used for permissible public purposes associated with acquiring pallets that will be leased <br />to Frontier Spinning at fair market value. <br />b) Release of funds is contingent on the Foundation's approval of the terms of the lease of the pallets. <br />c) Funds are contingent on the company agreeing to retain 1014 full -time jobs at its North Carolina <br />operations for five years from the commencement of the lease and agreeing to maintain its current levels <br />of purchase of North Carolina cotton. <br />d) Funds are contingent on the Grantee using commercially reasonable efforts to purchase pallets <br />manufactured from recycled agricultural plastics. <br />e) Release of funds is contingent on the company agreeing to allow the Grantee and Golden LEAF to <br />verify the company's job retention figures by reviewing NCUI -101 forms submitted to the Employment <br />Security Commission and /or through other means satisfactory to Golden LEAF. <br />f) The grant is contingent on the Grantee entering an agreement with the company providing for <br />appropriate consequences for the company's failure to meet job retention commitments. <br />g) Any funds that the Grantee receives from the company because of the company's failure to satisfy its <br />job retention obligations must be paid to Golden LEAF, plus a pro rata share of the amount of the grant <br />for each job not created; provided, however, that the Grantee shall not be required to repay to the <br />Foundation an amount in excess of payments received from the company under the lease agreement. <br />h) Grant funds are to be used for charitable, tax - exempt public purposes as defined by Section 501(c)(3) of <br />the Internal Revenue Service Code. <br />i) Grantee agrees to use the proceeds from the lease of the pallets for future economic development <br />activities that meet charitable, educational, scientific or tax - exempt public purposes within the meaning <br />of Section 501 (c) (3) of the Internal Revenue Code and may be required to gain approval from the <br />Foundation regarding future uses of lease proceeds. Proceeds from the lease or sale agreement may not <br />be paid or otherwise transferred to the company, its affiliates, or principals, or to further support this <br />project without prior agreement by Golden LEAF. <br />j) Prior to release of funds, Grantee agrees to submit an evaluation plan for approval by Golden LEAF. In <br />the plan, Grantee must demonstrate how it will report economic impact measures, including job <br />retention, investment, and verification of lease payments made by the company. <br />
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