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0 BOOK 22 PAGE SiS <br />e. The Company hereby certifies that without the incentives provided by the LCEDC <br />based upon the Economic Development Incentive Policy adopted by the City and <br />County, it would not site this project in the City or County. <br />f The Company has been informed and understands that reimbursement will be made <br />only for expenditures for work performed on or after the execution of this <br />document. <br />2. The agreements between LCEDC and the County and City (Exhibits "A" and "B") are <br />incorporated by reference into this Agreement. <br />3. The Company agrees as follows: <br />a. To comply fully with the terms of those agreements as they describe obligations and <br />performance to be undertaken by the Company. <br />b. To provide to LCEDC good and sufficient, certified and auditable, evidence of the <br />Company's compliance with the terms and conditions of this agreement and <br />sufficient for LCEDC's compliance with those agreements. <br />C. If the project as described in this Agreement and the attached exhibits does not <br />meet the standards for the incentive paid as set out in Exhibit "C" (incentive policy) <br />which is hereto attached, by the Company, that is to say: <br />i. The average weekly wage paid to the employees at the project did not equal <br />or exceed $14.53 per hour as determined by current N.C. Employment <br />Commission criteria; then the Company shall refund to LCEDC the full <br />amount of the incentive. <br />ii. The amount of additional ad valorem taxes paid to the County and City for <br />the intervening fiscal years from the date of this agreement and which are <br />attributable to this project shall be sufficient to pay the County the <br />anticipated goal of $80,926, and to pay the City the anticipated goal of <br />$59,343, or <br />(1) If the taxes paid by the recipient of the incentives does not meet the <br />anticipated goals, then the recipient shall refund the amount <br />determined by subtracting the amount of taxes actually paid which <br />are attributable to the project from the anticipated goal. <br />(2) If the recipient of the incentives meets the standard for taxes but <br />does not meet the standards for wage rates for a new business as set <br />out in Exhibit "C" (incentive policy), then it shall refund the full <br />amount of the incentive. <br />(3) If the recipient of the incentives does not meet the standards for both <br />taxes paid and wage rates as set out in Exhibit "C" (incentive <br />policy), then it shall refund amounts determined as follows: <br />3 of 26 <br />