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a contract approved by the Town Council, Town Attorney and Finance Officer. <br />Indemnity <br />All grant agreements approved by the Knightdale Town Council shall indemnify and hold harmless the <br />Town of Knightdale from legal challenges to the agreement. <br />Additional Performance Requirements <br />Grant agreements may include additional performance requirements of the grant recipient. <br />Morrisville <br />(.Overview <br />In order to expand economic development opportunities for the Town of Morrisville that could diversify <br />or expand the tax base, offer improved employment opportunities for its citizens, and promote the <br />economic growth and welfare of the business and industrial community, the Town Board of <br />Commissioners establishes incentive guidelines to encourage new industry location decisions within the <br />Town, as well as to assist existing business expansions. <br />li. Program Parameters <br />The Town of Morrisville Incentive Policy involves a contractual agreement between the Town and a new <br />or existing industry that would allow for a performance -based cash grant based on the criteria established <br />in Part III of this document. The Town will require the industry to be current in payment of any and all <br />taxes, fees and /or charges for an incentive to be paid. The Town will require, as a part of the contractual <br />agreement, a provision for reimbursement of any incentives to the Town if any terms of the contract are <br />not met. Any and all guidelines in the Incentive Policy shall be subject to G.S. 158 -7.1. Each project will <br />be evaluated and negotiated on an individual basis by Town Staff using the Town of Morisville's <br />guidelines. Town Board of Commissioners will be kept apprised of negotiations. Any incentive proposal <br />must be approved by the Board of Commissioners in a public meeting before it is finalized. Changing <br />economic conditions may necessitate the Board of Commissioners to modify, amend, or even terminate <br />the incentive policy subject to compliance with any incentives in effect at that time. All decisions are <br />based on availability of fiords. <br />Incentive Policy Criteria & Considerations <br />The opportunity to apply for the Incentive Program will be available to new and existing industries. <br />Existing industries qualify only for that portion of expansion that represents "new" investment. <br />h7 reviewing incentive requests the Town will take into consideration the following criteria: <br />• Number of new jobs being created <br />Average wage rate <br />• Amount of new investment in the community <br />Whether the company provides benefits to its employees <br />Whether there is State or County participation in the project <br />• Eligibility for One North Carolina Funds <br />• Timeframe for investment/job creation <br />hrvestment for a new industry requesting an incentive should be $10,000,000 taxable value in buildings <br />and equipment and a minimum of 50 new jobs. <br />Investment for an existing industry requesting an incentive should be $5,000,000 in taxable value in <br />building expansion/equipment and some sustainable newjob creation. <br />531 Page <br />