3-21-22 BOC Regular Meeting - Laserfiche WebLink

Home Browse Search

a. If the COMPANY fails to meet the Performance Criteria as previously provided in Section 5, the COUNTY may reduce the grant amount in the following manner as determined each year of the Incentive Agreement: i. If the ad valorem taxes paid by the COMPANY do not meet the required minimum amount of ad valorem taxes attributable to the cumulative taxable investment that is evidenced each year in Exhibit A, the COUNTY will reduce the total incentive grant by a prorated amount based off the percentage of actual cumulative investment by each year of the incentive agreement. Exhibit A evidences the approximate investment of net new taxable investment of the COMPANY and payout by the COUNTY if 100% of the cumulative taxable investment is met. ii. If the COMPANY does not meet the requirements for cumulative New Jobs, including number of jobs, and average annual wage as evidenced in Exhibit B, the COUNTY shall reduce the total incentive grant by a prorated amount as of each year of the incentive. iii. Based on these calculations each year of the Agreement, the incentive grant may be reduced if the COMPANY fails to meet the total investment for that calendar year as evidenced by Exhibit A and/or fails to meet the number of new jobs as evidenced by Exhibit B. The COMPANY understands that a failure to meet one of the criteria for the fiscal year of either direct investment or New Jobs will reduce the inventive grant for that fiscal year. If the COMPANY then exceeds the next years investment or New Jobs, evidenced in Exhibits A and B, then the COMPANY will be eligible for that year's full incentive,but will not be reimbursed for the previous year's reduction. b. If at any time during the Grant period, the COMPANY substantially ceases operations at the Project, the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and may ask for reimbursement for grant funds expended, which the COMPANY will agree to reimburse such grant funds. c. If at any time during the Grant period, the COMPANY fails to retain one hundred percent of the Jobs as set forth in Paragraph 5(b)herein and evidenced in Exhibit B and/or fails to make the taxable investment as evidenced in Exhibit A, the COMPANY will be in default of this agreement and the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and the COMPANY shall be obligated to repay funds already paid to the COMPANY by the COUNTY. 8. TERMINATION. a. This agreement shall terminate and the COMPANY shall be in breach for the following reasons as determined by the COUNTY, including,but not limited to the following: