3-21-22 BOC Regular Meeting - Laserfiche WebLink

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5. PERFORMANCE CRITERIA. In return for the Incentive payments set forth herein, which are a competitive necessity for the COMPANY to choose to locate its Facility in the County, the COMPANY commits to certain performance criteria related to jobs created and increased tax base for the County. For the COUNTY to provide incentives to support the location of the Facility, and but for the provision of the incentives contemplated by this Agreement, the COMPANY would not locate its facility in the County. The Parties acknowledge and agree that the consideration for the COUNTY to enter into this Agreement is the expectation that the COMPANY will meet or exceed these performance criteria. a. The COMPANY agrees to undertake and operate in a timely manner the following new project in Lee County, a lease of a new building and purchasing equipment and machinery for the COMPANY's manufacturing operations to be located at its Sanford, Lee County North Carolina facility, new manufacturing machinery and equipment and building renovations, and the hiring of at least two hundred thirty-five(235)New Jobs and maintain all New Jobs through the life of the project. b. New Jobs. The COMPANY agrees to create and maintain at least two hundred thirty-five(235)permanent, full-time New Jobs through the end of the Incentive Period, as set forth in Paragraph 1 of this Agreement, and as evidenced in Exhibit B. All New Jobs created pursuant to the terms of this Agreement must be filled by employees hired to work after the date of this agreement who work at least 35 (thirty-five)hours per week and whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes. All New Jobs must have an average annual wage of fifty thousand four hundred seventy dollars($50,470.00). The COMPANY will hire the New Jobs according to Exhibit B, and must be maintained through the Incentive Period. If the COMPANY does not meet the cumulative required number of New Jobs, according to Exhibit B, the incentive amount paid to the COMPANY for that year will be reduced. If the cumulative number of New Jobs is not maintained in any fiscal year of the Incentive Period, the incentive amount for that given year will be reduced. c. Taxable Investment. The COMPANY agrees to make a privately funded net new taxable investment in building renovations,machinery, equipment and taxable improvements as part of the Project, which will amount to a net new taxable investment of at least $18,000,000.00(eighteen million dollars), over the five- year life of the Incentive Project. The COMPANY will make taxable investments each year of the life of the project according to Exhibit A. If the COMPANY makes such taxable investment and meets the required number of New Jobs, the COUNTY may pay an incentive amount up to the amount shown on Exhibit A.