Minutes - Jan. 9, 2012 Regular Meeting

Home Browse Search

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