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2007 - 07-09-07 Regular Meeting
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2007 - 07-09-07 Regular Meeting
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2/25/2009 3:28:34 PM
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1/15/2009 3:30:47 PM
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Minutes
Committee
Board of Commissioners
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0 0 <br />BOOK 21 P„OE 63S <br />If the amount of ad valorem taxes paid to the County for the <br />intervening fiscal years from the date of this agreement and <br />which are attributable to this project has not been sufficient <br />to pay the County the anticipated goal of double the amount <br />of incentives paid from County funds, which could amount <br />to $54,129.00, or <br />ii. The average weekly wage paid to the employees at the <br />project during the same period set out in subparagraph (i) <br />above did not equal or exceed $14.53 per hour as <br />determined by current N.C. Employment Commission <br />criteria; then in either event the Company shall refund to <br />LCEDC amounts determined as follows with respect to the <br />incentives paid from County funds, as the case may be, to <br />wit: <br />If the taxes paid by the recipient of the incentives do <br />not meet the anticipated goal of double the amount <br />of the incentive paid, then the recipient shall refund <br />the amount determined by subtracting the amount of <br />taxes actually paid which are attributable to the <br />project from the anticipated goal and then dividing <br />the difference by two. <br />(2) If the recipient of the incentives meets the standard <br />for taxes but does not meet the standards for wage <br />rates for a business as set out in Attachment "C" to <br />Exhibit "A", then it shall refund the amount of the <br />incentive. <br />(3) In no event shall the refund exceed the incentive <br />paid. <br />4. Assignment. No party shall assign any interest in or obligation under this <br />Agreement without the prior written consent of all of the parties. Such <br />consent will not be unreasonably withheld, delayed, or conditioned. <br />IN WITNESS WHEREOF, LCEDC has caused this instrument to be signed in its <br />corporate name by its duly authorized officers and its seal to be hereunto affixed by <br />authority of its Board of Directors, and the Company has caused this instrument to be <br />executed in its company name by its duly authorized officer, both the day and year first <br />above written. <br />4of16 <br />
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