Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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VI. Performance And Monitoring General Performance Standards: Each industry or business that receives an economic development grant under the terms of this policy shall build or expand its proposed facility and meet investment and job creation goals within the time specified in the legally - binding grant agreement executed by the Town of Wendell and the grantee following approval of an incentive grant. In the event that a grantee fails to meet any of the provisions of the grant agreement, including qualitative proposals such as an enhanced wage structure or employee benefits that influenced determination of the grant amount or the evaluation process, the town may adjust the amount of the grant to the company, defer grant payments, or withdraw the grant entirely. In general, penalties will be assessed pro rata in accordance with any reduced number of jobs or amount of investment outlined in the grantee's original application for an economic incentive grant. Monitoring: The Town Manager will request annual performance reports from businesses provided with incentive grants during the performance period included in the legally - binding agreement. Performance reports will include all objective data utilized by the Town Manager to determine the amount of the grant award, including lumber and type of new jobs, wage and benefit structure, cumulative amount of investment to date, description of actual improvements (buildings and equipment), and water and sewer usage. Zebulon Policy Objective The objective of this policy is to support the development of an economic environment that attracts or encourages new investment, creates new jobs, and results in a healthy and diverse tax base. Eligible Projects An industrial company may be eligible for a Business Inveshment Grant if they meet both the New Investment Threshold and the New Jobs Threshold as described below. New Investment Threshold New or existing industrial companies may be eligible for a business investment grant for new investments which exceed $10,000,000. New investment is defined as improvements to real estate, machinery, equipment and other business property located within the corporate limits of Zebulon or properties that qualify for annexation under North Carolina General Statutes. The value of the land is not included in the calculation of new investment. New investment must exceed $10,000,000 in assessed value as determined by the Wake County Revenue Department. New Jobs Threshold New or existing industrial companies are eligible for a business investment grant when the investment threshold is met and at least 50 jobs are created. Jobs are defined as a net increase in the company's number of full -time personnel employed at a facility located within the Town of Zebulon corporate limits. A full -time employee is defined as a person who is employed by the company for at least 35 hours per week and whose wages are subject to withholding. The average wage for the new jobs must pay at least the average wage for Wake County by occupation as provided by the Employment Security Commission of North Carolina. The company must also agree to provide health insurance in at Least the minimum amount required for tax credits under the Williams S. Lee Act, as it exists on the date of the approval of this policy. Under these provisions, a company must provide health insurance for full -time positions and pay a minimum of 50 percent of the premiums. 6oIPage