1-06-20 BOC Regular Meeting - Laserfiche WebLink

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The first calendar year in which an incentive payment will be paid to COMPANY will be 2022, for incentive year 2020, based upon property tax listings in 2021 for investments made in 2020. The final calendar year in which an incentive payment will be paid to COMPANY will be 2028, for incentive year 2026, based upon property listings in 2027, for investments made in 2026. 5. PERFORMANCE CRITERIA. In return for the Incentive payments set forth herein, which are a competitive necessity for the COMPANY to choose to locate its Facility in the County, the COMPANY commits to certain performance criteria related to jobs created and increased tax base for the County. For the COUNTY to provide incentives to support the location of the Facility, and but for the provision of the incentives contemplated by this Agreement, the COMPANY would not locate its facility in the County. The Parties acknowledge and agree that the consideration for the COUNTY to enter into this Agreement is the expectation that the COMPANY will meet or exceed these performance criteria. a. The COMPANY agrees to undertake and operate in a timely manner the following new project in Lee County, renovating a facility to house the COMPANY's manufacturing operations located at its Sanford, Lee County North Carolina facility, new manufacturing machinery and equipment and building renovations, and the hiring of at least one hundred and ninety-six (196) New Jobs and maintain all New Jobs, and existing jobs, through the life of the project. b. Existing Jobs. The COMPANY agrees to maintain a base level of twenty-five (25) full time existing jobs (hereinafter referred to as Existing Jobs) at the facility through the end of the Incentive Period as set forth in Paragraph 1 of the Agreement, in addition to the New Jobs to be created as part of this Agreement, as further described herein and as evidenced in Exhibit B. c. New Jobs. The COMPANY agrees to create and maintain at least one hundred and ninety-six (196) permanent, full-time New Jobs through the end of the Incentive Period, as set forth in Paragraph 1 of this Agreement, and as evidenced in Exhibit B. All New Jobs created pursuant to the terms of this Agreement must be filled by employees hired to work after the date of this agreement who work at least 35 (thirty-five) hours per week and whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes. All New Jobs must have an average annual wage of eighty-eight thousand nine hundred and three dollars ($88,903.00). The COMPANY will hire the New Jobs according to Exhibit B, and must be maintained through the Incentive Period. If the COMPANY does not meet the cumulative required number of New Jobs, according to Exhibit B, the incentive amount paid to the COMPANY for that year will be reduced. If the