Laserfiche WebLink
24 705 <br />ii. If the average annual wage paid to the employees taking the new <br />jobs at the project during the same period set out in subparagraph <br />3.c.i above does not equal or exceed $22,519 (TWENTY TWO <br />THOUSAND FIVE HUNDRED NINETEEN DOLLARS) per year <br />as determined by N.C. Employment Commission reports, e.g., <br />NCUI Form 101, <br />then in either event, the LCEDC shall reduce the grant amount to be <br />paid from either COUNTY funds or CITY funds or both, as the case <br />may be, in the following manner: <br />(1) If the ad valorem taxes paid by the COMPANY do not <br />meet the anticipated goal of double the amount of the <br />incentive to be paid, the LCEDC will reduce the anticipated <br />grant amount by subtracting the amount of taxes actually <br />paid which are attributable to the project from the <br />anticipated goal and then dividing the difference by two. <br />(2) If the COMPANY meets the standard for taxes paid but <br />does not meet the wage rate set out herein, then the LCDEC <br />shall reduce the anticipated grant in an amount determined <br />by multiplying the amount of the incentive to be paid by the <br />applicable percentage rate for which the wage rate actually <br />paid falls below the standard contained herein. <br />(3) If the COMPANY does not meet the standards for both <br />taxes paid and wage rates, then LCDEC shall reduce the <br />anticipated grant in an amount equal to the sum of the <br />amounts determined under paragraphs 3.c.ii.(I) and (2). <br />In the event the COMPANY fails to meet the expected level of improvements, <br />fails to create new jobs or keep existing jobs, or incentives are paid that exceed <br />the amounts contemplated herein, the COMPANY shall repay any incentives to <br />the CITY and/or COUNTY. <br />d. The COMPANY agrees to maintain its current level of operation in the <br />existing facility and to maintain its base level of twenty -two jobs at the facility in addition to any <br />new jobs created by the project. <br />e. The new jobs to be created by the Project must be filled by employees <br />hired after the effective date of this agreement who work at least 35 (THIRTY -FNE) hours per <br />week and whose wages are subject to withholding under Article 4A of Chapter 105 of the <br />General Statutes. <br />4 of 29 <br />