Minutes - Jan. 9, 2012 Regular Meeting

Home Browse Search

.(� 4 637 Adjusted Grant = Original Grant Amount x Investment Actually Made Required Investment C. The amount the Company has spent on Statutorily Qualifying Expenses 4.2 To the extent the amount of the Adjusted Grant is less than the amount that has been previously disbursed to the Company, the Company shall reimburse DOC for the difference between the Adjusted Grant and the amount previously disbursed. 5.0 OBLIGATIONS BEYOND CLOSEOUT 5.1 If Closeout occurs on or before the date that is exactly one year prior to the Grant End Date, the Company will maintain at least ninety percent (90 %) of the number of New Jobs in place at Closeout for two (2) years after the date of Closeout. 5.2 If Closeout occurs after the date that is exactly one year prior to the Grant End Date, the Company will maintain at least ninety percent (90 %) of the number of New Jobs in place at Closeout until the date that is the one year anniversary following the Grant End Date. 5.3 If the Company fails to maintain at least ninety percent (90 %) of the number of New Jobs in place at Closeout for the required time period following Closeout, as specified in Paragraphs 5.1 and 5.2, the Company will be in default of this CPA and shall reimburse to DOC the total amount of the Grant funds previously disbursed in accordance with this CPA. 6.0 ADDITIONAL PROVISIONS 6.1 The Company and Guarantor shall provide to DOC and the Local Government all documentation deemed necessary by DOC or the Local Government to verify Retained Jobs, and creation and retention of New Jobs, salary levels, health insurance, investments, Statutorily Qualifying Expenses, environmental permits and other Performance Criteria specified in this CPA, including copies of N.C. Employment Security Commission ("ESC") worksite forms ( "NCUI 101 ") described in the Program Guidelines, a list of all positions used in accounting for the Grant and the names of the individuals filling those positions. The threshold numbers of New Jobs created for the Company to be eligible for disbursements under paragraph 2. 1, shall be measured by adding the three figures that represent the average number of New Jobs (calculated after deducting the Retained Jobs) that have been created during the Grant Period and have been retained during each of the three months of the quarter reported in the Company's NCUI 101, and dividing that sum by three, or in such other manner determined by the DOC to reasonably reflect New Job creation. The Company shall not include in such count, any temporary, seasonal, contract, or part - time employees, employees that were hired prior to the Effective Date, or employees that were hired from affiliates of the Company or Guarantor in North Carolina, even if those employees are included in the NCUI 101s. The Company and Guarantor will certify how many of the employees listed on the NCUI 101s in each month qualify under the definition of Retained Jobs and New Jobs. The Company's compliance with the job creation and/or retention, investment, Statutorily Qualifying Expense, environmental permit and other Performance Criteria set out in this CPA shall be attested to under oath by an officer of each of the Company and the Guarantor. One NC Company Performance Agreement Zurn Industries, LLC Lee County 6—