1-06-20 BOC Regular Meeting - Laserfiche WebLink

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the net new taxable investment and until the COMPANY creates at least one hundred and ninety-six (196) New Jobs to be maintained through the end of the Investment Period, as set forth in Exhibit B of the Agreement, all conditions of which were contemplated in arriving at the consideration that it receives pursuant to this Agreement. d. The COUNTY acknowledges that the building where the COMPANY is currently considering purchasing and up fitting, is currently owned by third parties and that Project Jupiter has options, contingent on incentives offered by the COUNTY, the City of Sanford, and the State of North Carolina. The COMPANY hereby certifies, and further attaches an affidavit of certification, that without (BUT FOR) the incentives provided by the COUNTY, it would not conduct the Project in the County. e. The COMPANY hereby further certifies that it was considering other states for this Project. f. The COMPANY has been informed and understands that reimbursement will be made only for the New Jobs created at an average annual wage rate stated herein, the maintenance of existing jobs, and verifiable investment -through an increase in building renovations and purchase of machinery and equipment -as of December 31,2028, as is further agreed to herein and shown on Exhibit A and Exhibit B. g. The COMPANY covenants and agrees to pay the taxes, create the New Jobs at the average annual wage rate, maintain Existing Jobs, and make the taxable investment, all of which are the subject to this Agreement, in accordance with the purposes and/or under the restrictions and covenants as set forth herein. 4. GRANT. In exchange for the Taxable Investment by the COMPANY, the creation of New Jobs paying the average annual wage rate as stated herein and offering benefits to the employees, and pursuant to North Carolina General Statutes 158-7.1, the COUNTY anticipates making an incentive grant to the COMPANY up to $3,125,854.00 (three million, one hundred and twenty-five thousand, eight hundred and fifty-four dollars), paid in annual installments as shown on Exhibit A, subject to the obligation to repay incentive funds or to receive partial incentive funds as explained in section 7 of this Agreement. The COUNTY may use any fund source available to it, which is not restricted, to make the incentive payment to the COMPANY. The incentive payments shall be paid in amounts calculated and illustrated in Exhibit A. The COMPANY understands that the cash grant incentives may be paid on a pro rata basis depending on the job creation and/or actual net new taxable investment made by the COMPANY and further described in Section 5 and Section 7.