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Minutes - Jan. 9, 2012 Regular Meeting
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Minutes - Jan. 9, 2012 Regular Meeting
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C� I <br />err. <br />WHEREAS; the Local Government's application (the "Local Government Application ") has <br />been approved by DOC for funding, based on the Local Government's commitments, and the commitments <br />made by the Company in its Program application (the "Company Application "); <br />WHEREAS, the Company has executed an agreement (the "Company Performance <br />Agreement" or "CPA ") with the Local Government reflecting the Company's commitments to expand, <br />create and /or retain jobs and to take other actions that will support North Carolina's economic <br />development, and the terms on which funds will he made available for such activity from the Program; <br />NOW THEREFORE, in consideration of the mutual covenants and promises set forth below, <br />the Local Government and DOC hereby agree as follows: <br />I. DOC COMMITMENTS AND GRANT CONDITIONS <br />(a) DOC agrees to provide Program fund in the maximum amount of Thirty Eight Thousand <br />Dollars ($38,000) for the Project (the "Grant "), in accordance with the terms of this LGGA and the CPA. <br />(b) Grant payments disbursed under this LGGA will be disbursed to the Local Government pursuant <br />to N.C. Gen. Stat. § 143B- 437.70 et seq., the terms of the Program Guidelines and Procedures for <br />Commitment of Funds from the One North Carolina Fund, established pursuant to N.C. Gen. Stat. § 143B- <br />437.73 and in effect as of the effective date of this LGGA (the "Program Guidelines "), consistent with the <br />terms and schedule established in the CPA. <br />(c) Grant disbursements are conditioned upon the execution of the CPA between the Local <br />Government and the Company, and any other required parties thereto, in a form acceptable to DOC. In <br />addition to the Company and the Local Government, the following are required parties to the CPA: <br />Rexnord LLC (the "Guarantor "). <br />(d) To receive a Grant disbursement, the Local Government must provide or cause to be provided to <br />DOC a properly executed CPA, proof that the Company has performed its obligations under the CPA, <br />proof that the Local Government has met its obligation to provide the Match, a duly executed completed <br />disbursement request and certification in the form of Exhibit A hereof (the "Local Government <br />Disbursement Request "), and a duly executed completed Company's disbursement request and certification <br />in the form of Exhibit A to the CPA (the "Company Disbursement Request "). <br />IL LOCAL GOVERNMENT'S COMMITMENTS <br />(a) The Local Government agrees to perform the Program and to abide by all commitments, terms <br />and representations in the Local Government Application. <br />(b) The Local Government agrees to provide the Match in a manner consistent with N.C. Gen. Stat. <br />§ 143B- 437.72(c)(1), the Program Guidelines and Procedures, and the Local Government Application. The <br />Local Government will provide to the DOC a copy of the duly executed agreement between the Local <br />Government (or other local entity) and the Company governing the local incentives that will be provided to <br />the Company for the Project (the "Local Incentive Agreement "), at the time the Local Government returns <br />the executed LGGA. The Company will be ineligible for a Grant disbursement until the Local Incentive <br />Agreement is provided to the DOC. The Local Government will report to the DOC the amount of each <br />incentive payment that is provided to the Company under the Local Incentive Agreement, within thirty (30) <br />days of the date on which it is provided, whether or not the CPA remains in effect. <br />(c) The Local Government agrees to take all steps reasonably necessary to ensure and to establish <br />to DOC that the required levels ofjobs are created and /or retained, the required salary levels are achieved, <br />the required levels of investments are made, statutorily qualifying expenses are incurred, any required <br />
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