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