2011-250 ED - AKG North America, Incorporated - Performance Agreement for Incentive for AKG Expansion

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within Orange County have been paid. Subsequent annual installments will occur during the month of January for the term of this Agreement with the final installment occurring in January 2016, provided proof of payment of all property taxes and verification of employment and investment levels has been submitted to the County. B. TOTAL COUNTY COMMITMENT The total County commitment for the Inducement Grant outlined in the paragraph above shall not exceed One Hundred Thousand Dollars ($100,000.00). 3. EXPANSION OPPORTUNITY Participation in this Agreement shall not exclude the Company from consideration for additional inducements from the County either during or upon completion of this Agreement. Future projects shall be considered on a case-by-case basis and induced at the discretion of the County based on new taxable investment and job creation in excess of the minimum levels outlined in "Section 1" above. Any such agreement shall require a separate "Performance Agreement" which shall conform to all relevant North Carolina Statutes and/or Orange County Ordinances, Policies or Resolutions, shall be in writing, and shall be mutually agreed upon by the Parties. 4. PROOF AND CERTIFICATION The officials of Parties to this Agreement shall furnish the necessary reports and certificates to verify that each Party's respective goals are met. Once the Company maintains its investment and employment goals for the term of this Agreement it will no longer need to furnish these reports. Acceptable forms of proof for taxable investment shall be the records of the County Tax Administrator. Acceptable forms of proof of payment of taxes shall be in the form of cancelled checks, and receipts of payment from the County Tax Administrator. Acceptable forms of proof for employment numbers shall be in the form of a notarized statement from a North Carolina licensed Certified Public Accountant and shall be verified by the North Carolina Employment Security Commission. 5. REMEDY A. INDUCEMENT PACKAGE: If the County does not meet and maintain the terms set forth in the inducement package, the Company has the option to the rights set forth in paragraph l0A of this Agreement upon thirty (30) days written notice to the County. B. DELAY OF INDUCEMENT PACKAGE INITIATION If the Company does not meet employment and investment goals that are to be met pursuant to this Agreement by December 31, 2011, the onset of this Agreement may be delayed one (1) year, at the option of the Company. Written notification of a request to delay onset must be received by the County no later than December 31, 2011. In that event this Agreement shall initiate no later than December 31, 2012 and shall expire no later than January 31, 2017. C. INVESTMENT AND EMPLOYMENT PACKAGE If the Company does not meet and maintain either the investment or employment goals within the annual timetable set forth in this Agreement, and does not opt to delay the onset of this Agreement as described above, then the county will reduce the annual installment payment as set forth in paragraph 1 D of this Agreement until such time as the Company once again meets both the investment and employment goals. Reduction shall be computed based on the percentage of the goal not met. In order to qualify for the full reimbursement, including Page 3 of 8