Minutes - Jan. 9, 2012 Regular Meeting

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A 7 24 . 634 1.4 The average weekly wage of the group of all permanent full -time jobs at the Facility, including the New Jobs, will equal or exceed Six Hundred Thirty Four Dollars ($634.00) per week (the "Wage Standard "). 1.5 The Company shall provide health insurance for all permanent full -time employees at the Facility, including the New Jobs, in at least the minimum amount required for eligibility for tax credits under Article 31 in N.C. Gen. Star. § 105- 129.83(d). 1.6 The Company shall make good faith efforts to make the Target Investment in the form of privately funded investment in real property and /or machinery and equipment as part of the Project, and must invest at least Forty Thousand Dollars ($40,000) by the Grant End Date (the "Required Investment") (100% of the Target Investment). - 1.7 The proceeds of the Grant may be used only to offset statutorily qualifying expenses as set out in N.C. Gen. Star. § 143B- 437.71(b) ( "Statutorily Qualifying Expenses "). Those expenses are installation or purchase of equipment; structural repairs, improvements, or renovations to existing buildings to be used for expansion; construction of or improvements to new or existing water, sewer, gas or electric utility distribution lines or equipment for existing buildings, or for new or proposed buildings to be used for manufacturing and industrial operations; or such other expenses as specifically provided for by an act of the General Assembly. 1.8 Release of any Grant funds under this CPA is contingent on the Company providing verification that the Project has received all of its required environmental permits. 2.0 DISBURSEMENT OF GRANT 2.1 Proceeds of the Grant up to a total amount of Thirty Eight Thousand Dollars ($38,000) will be disbursed by DOC to the Local Government in four installments based on creation and maintenance of the New Jobs and satisfaction of other performance criteria set out in Section 1.0 above ( "Performance Criteria "). The number of New Jobs to be counted shall be determined as provided in paragraph 6.1 hereof. At the time of any requested disbursement, the Company must certify its performance by submitting a duly executed disbursement request and certification in the form of Exhibit A hereto (the "Company Disbursement Request'), and the Local Government must submit a duly executed disbursement request and certification in the form of Exhibit A to the LGGA (the "Local Government Disbursement Request'). Disbursement will occur on the following schedule and will be subject to any adjustments required by this CPA: a. The first twenty -five percent (25 %) of the Grant will be disbursed to the Local Government upon proof that the Company has (i) maintained 100% of the Retained Jobs; (ii) created and retained not less than twenty -five percent (25 %) of the Target New Jobs (i.e., 10 New Jobs), (iii) satisfied the Wage Standard and health insurance requirements; (iv) invested the amount to be disbursed in Statutorily Qualifying Expenses, and (v) obtained all required environmental permits. b. The second twenty -five percent (25 %) of the Grant will be disbursed to the Local Government upon proof that the Company has (i) maintained 100% of the Retained Jobs; (ii) created and retained not less than fifty percent (50 %) of the Target New Jobs (i.e., 19 One NC Company Petformatce Agreement Zurn Industries, LLC Lee County 3—