Orange County NC Website
Browse       Search
5 <br />include vacant positions for which the Company is actively or otherwise recruiting. It is understood <br />that vacancies occur and that when such occur the Company will immediately, or as soon as is <br />reasonably possible thereafter, fill said vacancies. The average wage of the 90 new full time <br />equivalent employees shall be, at a minimum, forty-four thousand one hundred seventy-five dollars <br />($44,175.00). <br />C. GRANT PARTICIPATION: Where applicable, the Company agrees to partner, through the <br />commitment to create new jobs, with Orange County and other applicable agencies to apply for <br />grants that will improve and/or add water, sewer, road or other necessary infrastructure in order to <br />facilitate the successful completion of this project. The Company agrees to meet with program <br />representatives, and to participate in the grant request process as necessary to secure the required <br />funding. <br />D. GUARANTEED MINIMUM LEVEL OF PERFORMANCE: The Company guarantees that its <br />minimum level of performance pursuant to this Agreement shall be as set out in this Section 1. <br />Company agrees that failure to meet the minimum .level of new employment as reflected in Section <br />1 B shall entitle the County to reductions in inducement installments paid to the Company in an <br />amount of two hundred- fifty dollars ($250.00) per employee not hired as reflected in Exhibit A. <br />Company further agrees that failure to meet the minimum level of direct investment as reflected in <br />Section lA shall entitle County to pro rata reductions in inducement installments paid to the <br />Company. <br />E. STATUTORY COMPLIANCE: The Company understands that the County's participation is <br />contingent upon compliance with North Carolina General Statute 158-7.1 and other relevant North <br />Carolina General Statutes. <br />2. INDUCEMENT FACKAGE <br />A. COUNTY INDUCEMENT GRANT: The County, upon completion of this Agreement, shall <br />provide to the Company an inducement to offset facility development, expansion, and acquisition <br />costs in an amount not to exceed One Hundred Thousand dollars ($100,000.00) in equal <br />installments over a five year period. The first installment shall occur during January of the 2012 <br />calendar year upon receipt of proof, as described in Section 4 of this Agreement, that the minimum <br />employment and investment numbers refezenced in Section 1 of this Agreement have been met and <br />that all local property taxes on the real and business personal property owned by the Company and <br />located within Orange County have been paid. Subsequent annual installments will occur during <br />the month of January for the term of this Agreement with the final installment occurring in January <br />2016, provided proof of payment of all property taxes and verification of employment and <br />investment levels has been submitted to the County. <br />B. TOTAL COUNTY COMMITMENT: The total County commitment for the Inducement Grant <br />outlined in the paragraph above shall not exceed One Hundred Thousand Dollars ($100,000.00). <br />3. EXPANSION OPPORTUNITY <br />Participation in this Agreement shall not exclude the Company from consideration for additional <br />inducements from the County either during or upon completion of this Agreement. Future projects <br />shall be considered on a case-by-case basis and induced at the discretion of the County based on <br />Page 2 of 7 <br />