1-06-20 BOC Regular Meeting - Laserfiche WebLink

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7. OBLIGATION TO REPAY GRANT FUNDS AND/OR RECEIVE PARTIAL INCENTIVES. As stated under the Performance Criteria and reiterated, if, for any reason, the COMPANY shall not satisfy the minimum conditions set forth in this agreement, then the COUNTY shall not pay the incentive grant, or shall reduce the amount of the incentive grant, and/or seek reimbursement from the COMPANY that received any incentives made possible by this grant, as set forth herein, and COMPANY, or any party, shall remit such incentive funds promptly to the COUNTY and the COMPANY shall bear all costs of collection. If the Project as described in this Agreement and the attached exhibits does not meet the Performance Criteria set out herein and the standards for the incentive paid as set out in Exhibit A, all or part of the Grant Award must be repaid, reduced or reimbursed as follows and as described in the performance criteria section above: a. If the COMPANY fails to meet the Performance Criteria as previously provided in Section 5, the COUNTY may reduce the grant amount in the following manner as determined each year of the Incentive Agreement: i. If the ad valorem taxes paid by the COMPANY do not meet the required minimum amount of ad valorem taxes attributable to the cumulative taxable investment that is evidenced each year in Exhibit A, the COUNTY will reduce the total incentive grant by a prorated amount based off the percentage of actual cumulative investment by each year of the incentive agreement. Exhibit A evidences the approximate investment of net new taxable investment of the COMPANY and payout by the COUNTY if 100% of the cumulative taxable investment is met. ii. If the COMPANY does not meet the requirements for cumulative New Jobs, including number of jobs, and average annual wage as evidenced in Exhibit B, the COUNTY shall reduce the total incentive grant by a prorated amount as of each year of the incentive. iii. Based on these calculations each year of the Agreement, the incentive grant may be reduced if the COMPANY fails to meet the total investment for that calendar year as evidenced by Exhibit A and/or fails to meet the number of new jobs as evidenced by Exhibit B. The COMPANY understands that a failure to meet one of the criteria for the fiscal year of either direct investment or New Jobs will reduce the inventive grant for that fiscal year. If the COMPANY then exceeds the next years investment or New Jobs, evidenced in Exhibits A and B, then the COMPANY will be eligible for that year's full incentive, but will not be reimbursed for the previous year's reduction. b. If at any time during the Grant period, the COMPANY substantially ceases operations at the Project, the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and may ask for reimbursement for grant funds expended, which the COMPANY will agree to reimburse such grant funds.