Agenda - 10-15-2013 - 6a - Laserfiche WebLink

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Mebane Facility in Orange County, at least the equivalent of 90 full time employees in accordance with "Exhibit A ". Ninety (90) new full time equivalent employees shall be hired at the Mebane Facility pursuant to the terms of this Agreement. Employees counted toward this total shall include only new employees of the Company employed and located at Company's Mebane Facility in Orange County, provided such employees are employed in Orange County on a full time basis. Employees of the Company will be eligible to participate in Company sponsored health insurance programs. For purposes of this section "90 full time equivalent employees" shall be defined as 90 actively employed individuals and shall not include vacant positions for which the Company is actively or otherwise recruiting. It is understood that vacancies occur and that when such occur the Company will immediately, or as soon as is reasonably possible thereafter, fill said vacancies. The mean wage of the 90 new full time equivalent employees shall be, as of the last day of this Agreement, at the annual rate of thirty-seven thousand nine hundred sixty -nine dollars ($37,969.00). C. DEVELOPMENT GRANT PARTICIPATION: Where applicable, the Company agrees to partner, through the commitment to create new jobs, with Orange County and other applicable agencies to apply for development grants that will improve and/or add water, sewer, road or other necessary infrastructure in order to facilitate the successful completion of this project. The Company agrees to meet with program representatives, and to participate in the grant request process as necessary to secure the required funding. D. GUARANTEED MINIMUM LEVEL OF PERFORMANCE: The Company agrees that its minimum level of performance pursuant to this Agreement shall be as set out in this Section 2. Furthermore, Company agrees that failure to meet the minimum level of new employment as reflected in Section 2B shall entitle the County to reductions in inducement installments paid to the Company in an amount of four hundred fifty dollars ($450.00) per employee not hired as reflected in Exhibit A. Company further agrees that failure to meet the minimum level of direct investment as reflected in Section 2A shall entitle County to pro rata reductions in inducement installments paid to the Company as set out in Section 3. It is agreed and understood by the parties hereto that the failure of the Company to meet the level of performance with respect to minimum level of investment or minimum level of new employment as specified herein shall not be considered a breach of this Agreement. E. STATUTORY COMPLIANCE: The Company understands that the County's participation is contingent upon authority found in North Carolina General Statute 158 -7.1 and other relevant North Carolina General Statutes and that should such statutory authority be withdrawn by the North Carolina General Assembly County may terminate this Agreement without penalty to County and without further compliance with this Agreement. 3. INDUCEMENT PACKAGE A. COUNTY INDUCEMENT GRANT: Subject to Section 2A3 the County, upon execution of this Agreement, shall provide to the Company an inducement to offset Facility development, expansion, and acquisition costs in an amount estimated at One Million Ninety -three Thousand Nine Hundred Fifty Dollars ($1,093,950) payable in five installments of approximately Two Hundred Eighteen Thousand Seven Hundred Ninety Dollars ($218,790) over a five year period. The first installment shall occur on August 1, 2015 upon receipt of proof, as described in 2054461.2 21896 -200 Page 4 of 12