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Minutes - Jan. 9, 2012 Regular Meeting
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Minutes - Jan. 9, 2012 Regular Meeting
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A 7 <br />24 . 634 <br />1.4 The average weekly wage of the group of all permanent full -time jobs at the Facility, including the <br />New Jobs, will equal or exceed Six Hundred Thirty Four Dollars ($634.00) per week (the "Wage <br />Standard "). <br />1.5 The Company shall provide health insurance for all permanent full -time employees at the Facility, <br />including the New Jobs, in at least the minimum amount required for eligibility for tax credits <br />under Article 31 in N.C. Gen. Star. § 105- 129.83(d). <br />1.6 The Company shall make good faith efforts to make the Target Investment in the form of <br />privately funded investment in real property and /or machinery and equipment as part of the <br />Project, and must invest at least Forty Thousand Dollars ($40,000) by the Grant End Date (the <br />"Required Investment") (100% of the Target Investment). - <br />1.7 The proceeds of the Grant may be used only to offset statutorily qualifying expenses as set out in <br />N.C. Gen. Star. § 143B- 437.71(b) ( "Statutorily Qualifying Expenses "). Those expenses are <br />installation or purchase of equipment; structural repairs, improvements, or renovations to existing <br />buildings to be used for expansion; construction of or improvements to new or existing water, <br />sewer, gas or electric utility distribution lines or equipment for existing buildings, or for new or <br />proposed buildings to be used for manufacturing and industrial operations; or such other expenses <br />as specifically provided for by an act of the General Assembly. <br />1.8 Release of any Grant funds under this CPA is contingent on the Company providing verification <br />that the Project has received all of its required environmental permits. <br />2.0 DISBURSEMENT OF GRANT <br />2.1 Proceeds of the Grant up to a total amount of Thirty Eight Thousand Dollars ($38,000) will be <br />disbursed by DOC to the Local Government in four installments based on creation and <br />maintenance of the New Jobs and satisfaction of other performance criteria set out in Section 1.0 <br />above ( "Performance Criteria "). The number of New Jobs to be counted shall be determined as <br />provided in paragraph 6.1 hereof. At the time of any requested disbursement, the Company must <br />certify its performance by submitting a duly executed disbursement request and certification in the <br />form of Exhibit A hereto (the "Company Disbursement Request'), and the Local Government <br />must submit a duly executed disbursement request and certification in the form of Exhibit A to the <br />LGGA (the "Local Government Disbursement Request'). Disbursement will occur on the <br />following schedule and will be subject to any adjustments required by this CPA: <br />a. The first twenty -five percent (25 %) of the Grant will be disbursed to the Local <br />Government upon proof that the Company has (i) maintained 100% of the Retained Jobs; <br />(ii) created and retained not less than twenty -five percent (25 %) of the Target New Jobs <br />(i.e., 10 New Jobs), (iii) satisfied the Wage Standard and health insurance requirements; <br />(iv) invested the amount to be disbursed in Statutorily Qualifying Expenses, and (v) <br />obtained all required environmental permits. <br />b. The second twenty -five percent (25 %) of the Grant will be disbursed to the Local <br />Government upon proof that the Company has (i) maintained 100% of the Retained Jobs; <br />(ii) created and retained not less than fifty percent (50 %) of the Target New Jobs (i.e., 19 <br />One NC Company Petformatce Agreement <br />Zurn Industries, LLC <br />Lee County <br />3— <br />
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