Agenda Package 4-15-13 Reg. Meeting

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be required to maintain a contracted increase in the number of full -time employees for the duration of the incentive agreement period. Businesses will be required to show proof of job creation and be subject to random audits for verification. Existing businesses in Lee County will be required to maintain a specified number of full -time employees for the duration of the incentive agreement period. 5) Each job counted towards the incentive must be full -time employee, defined as a person employed at 35 hours or more a week, with a salary or wage package that includes health benefits positions that are reported monthly by the company to state Employment Security. 6) A new business must create at least $20 million in new investment in the County to be considered for an incentive. An existing business must invest a minimum of $ 5 million to be considered for an incentive. Under either option, the investment must be verified as taxable property under North Carolina law and verified by the Lee County Tax Office. These levels of new investment must be sustained through the period of the economic incentive agreement. 7) Any Company receiving an incentive must commit to continue operations, without seasonal variations that cause its number of jobs to fall below required levels, for the duration of the incentive agreement period. 8) Economic incentives will not be paid in advance of business investment or job creation in Lee County. 9) The County will review requests for public infrastructure which benefit the business and the entire community as an alternative to incentives. 10)AII incentives shall be paid pursuant to a written incentive agreement between Lee County and the recipient business. Provisions shall be included in every incentive agreement to ensure the county, pursuant to NCGS 158- 7.1(h), recaptures sums appropriated or expended by the county in the event the business fails to adhere to its job creation, investment, and continuous operations agreements at any time during the contract period. 11)Clawback provisions may include termination of the contract, proration of future incentive cash payouts, and /or repayment of incentives already issued to a business. NOW BE IT FURTHER RESOLVED, that the guidelines listed above are not intended to be entitlements for businesses to receive economic incentives from Lee County. The County reserves to the right to review all proposals and recommendations for or against incentive offers by the LCEDC and to make the final decision on incentive awards on the basis of what is in the best interest for the citizens of Lee County. All economic incentives are subject to Public Hearing, to be followed by a vote of the County Commissioners, as required by law. By board policy the County Commissioners require the vote of approval for an economic incentive agreement to occur in a meeting of the Board of Commissioners subsequent to the meeting in which the public hearing occurred.