1-06-20 BOC Regular Meeting - Laserfiche WebLink

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WHEREAS, a public hearing was held on December 16, 2019 at the Regular Meeting of the Board of County Commissioners, whereby the Board then took a vote to approve the incentive; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the COMPANY agrees to the following: 1. TERM. The term of this agreement shall begin upon execution on December 16, 2019 and shall end on the 31St day of December 2028, unless sooner terminated pursuant to the provisions of the Agreement contained herein or extended by mutual agreement of the Parties. 2. PROJECT. The economic development project (hereinafter referred to as "Project") consists of building renovations and the purchase of new machinery and equipment to be installed in a manufacturingfy by the COMPANY in Lee County, North Carolina, which will have a cumulative initial projected net new ad valorem taxable investment (prior to depreciation) of at least $126,000,000.00 (one hundred and twenty-six million dollars) and will create and maintain, as further described in paragraph 5, at least one hundred and ninety-six (196) new full-time jobs at an average annual wage of at least eighty-eight thousand nine hundred and three dollars ($88,903.00), as further described herein. 3. REPRESENTATIONS BY THE COMPANY. The COMPANY makes the following representations as the basis for the undertakings on its part herein contained: a. The COMPANY is a State of Corporation, authorized to do business in North Carolina and in good standing under the laws of the State of North Carolina. The COMPANY has the power and authority to enter into this Agreement, to perform its obligations under and consummate the transaction contemplated by this Agreement, and has by proper action duly authorized the execution and delivery of this Agreement. b. Neither the execution or delivery of this Agreement nor the performance of the obligations under or consummation of the transactions contemplated by this Agreement violates or will violate any law or governmental order, conflicts or will conflict with any provisions of the Articles of Incorporation or the By -Laws of the COMPANY or any material term or provision of any agreement or instrument to which the COMPANY is a party or by which it is bound, or constitutes or will constitute a material breach of or a default under any such agreement or instrument. c. The COMPANY presently intends to operate the Project as a gene therapy manufacturing operation at a facility within the COUNTY until the COUNTY receives the prospective tax revenues from the improvements on the property and