1-06-20 BOC Regular Meeting - Laserfiche WebLink

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cumulative number of New Jobs is not maintained in any fiscal year of the Incentive Period, the incentive amount for that given year will be reduced. d. Taxable Investment. The COMPANY agrees to make a privately funded net new taxable investment in building renovations, machinery, equipment and taxable improvements as part of the Project, which will amount to a net new taxable investment of at least one hundred and twenty-six million dollars ($126,000,000.00), over the seven-year life of the Incentive Project. The COMPANY will make taxable investments each year of the life of the project according to Exhibit A. If the COMPANY makes such taxable investment and meets the required number of New Jobs, the COUNTY may pay an incentive amount up to the amount shown on Exhibit A. When the COUNTY calculates its incentive each year, the COMPANY agrees that the incentive will be reduced if such cumulative taxable investment is not made in accordance with Exhibit A or the cumulative number of New Jobs is not met and maintained as shown in Exhibit B in each calendar year. e. The COMPANY'S compliance with all Performance Criteria set out in this Agreement shall be attested to annually under oath by an officer of the COMPANY and provided to the COUNTY by no later than March 31St of the subsequent year. The COMPANY must provide the NCUI 101 to the COUNTY and the COUNTY may, in its discretion, require other documentation to verify the attainment of these performance commitments. If the COMPANY has not provided proof of the New Jobs or the Existing Jobs or the Taxable Investment by March 31St, it will be assumed the COMPANY is no longer requesting an incentive for that year of this Agreement. If the COMPANY needs additional time to provide the necessary proof, it must notify the COUNTY, in writing, thirty days before the proof is due, asking for an extension and the COUNTY has the sole discretion in determining whether to provide an extension and the date the proof will be due. 6. CLOSEOUT. The COUNTY will close out the Grant on the first of the following to occur, (hereinafter referred to as closeout): a. The Date as of which the COUNTY has received and accepted proof reasonably satisfactory to it that the Project has been completed and all the Performance Criteria have been satisfied; or b. The 31St day of December, 2028, unless such term is extended by mutual written agreement of the parties.