1-06-20 BOC Regular Meeting - Laserfiche WebLink

Home Browse Search

If at any time during the Grant period, the COMPANY fails to retain one hundred percent of the Existing Jobs as set forth in Paragraph 5(b) herein and evidenced in Exhibit B and/or fails to make the taxable investment as evidenced in Exhibit A, the COMPANY will be in default of this agreement and the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and the COMPANY shall be obligated to repay funds already paid to the COMPANY by the COUNTY. 8. TERMINATION. a. This agreement shall terminate and the COMPANY shall be in breach for the following reasons as determined by the COUNTY, including, but not limited to the following: i. Failure to pay taxes; ii. Failure to comply with the terms and conditions of this Agreement; iii. Submission of incorrect or incomplete reports to the COUNTY in any material respects or; iv. Failure to make satisfactory progress towards making the cumulative investment in the property as of each fiscal year according to Exhibit A, without requesting an extension of time and agreed upon by the COUNTY in writing, the determination of whether satisfactory progress has been made will be in the sole discretion of the County. b. The COUNTY may terminate this Agreement, as set forth herein, for failure of the COMPANY to make the investment of the property, for failure of the project, or violation of the terms of this Agreement, in the discretion of the COUNTY, providing that 30 day notification was provided to the COMPANY and the COMPANY was unable to cure such defect. c. The COUNTY may terminate this Agreement, without cause giving sixty days (60) notification to the COMPANY. 9. ADDITIONAL PROVISIONS. a. Verification and Reporting. The COMPANY shall provide to the COUNTY on an annual basis or upon the COUNTY's request all reasonable documentation deemed necessary by the COUTNY to verify retention of the Existing Jobs, creation and maintenance of the New Jobs, and expenditure of the Taxable Investment described in this agreement, including, but not limited to, Employment Security Commission form NCUI 101, a list of all positions used in accounting for the New Jobs and Existing Jobs, and the use of the Grand funds. Annual reporting shall be done by March 31 st each year. If such information is not provided to the COUNTY by that date, it is assumed the COMPANY is no