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2013-441 EDC - Performance Agreement Between Orange County NC and Morinaga America Foods Inc.
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2013-441 EDC - Performance Agreement Between Orange County NC and Morinaga America Foods Inc.
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Last modified
11/7/2013 4:09:29 PM
Creation date
11/7/2013 4:08:42 PM
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BOCC
Date
10/15/2013
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
7a
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Agenda - 10-15-2013 - 7a
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\Board of County Commissioners\BOCC Agendas\2010's\2013\Agenda - 10-15-2013 - Regular Mtg.
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5. PROOF AND CERTIFICATION <br /> The officials of Parties to this Agreement shall furnish the necessary reports and certificates to <br /> verify that each Party's respective goals are met. Once the Company maintains its investment <br /> and employment goals for the term of this Agreement it will no longer need to furnish these <br /> reports. <br /> Acceptable forms of proof for taxable investment shall be the records of the County Tax <br /> Administrator. Acceptable forms of proof of payment of taxes shall be in the form of cancelled <br /> checks, and receipts of payment from the County Tax Administrator. Acceptable forms of proof <br /> for employment numbers shall be in the form of a notarized statement from a North Carolina <br /> licensed Certified Public Accountant and shall be verified by the North Carolina Employment <br /> Security Commission. <br /> 6. REMEDY <br /> A. INDUCEMENT PACKAGE: If the County does not meet and maintain the terms set forth <br /> in the inducement package,the Company has the option to the rights set forth in Section I IA of <br /> this Agreement upon thirty (30)days written notice to the County. <br /> B. DELAY OF INDUCEMENT PACKAGE INITIATION: If the Company believes that it will <br /> not meet employment and investment goals that are to be met pursuant to this Agreement by <br /> December 31, 2018, the onset of this Agreement may be delayed one (1)year, at the option of <br /> the Company. Written notification of a request to delay onset must be received by the County <br /> no later than December 31, 2014. In that event this Agreement shall initiate no later than <br /> December 31, 2014 and shall expire no later than January 31, 2020. In the event the <br /> employment and investment goals are not met due to causes beyond the control of the <br /> Company, the period in which such employment and investment goals are to be met shall be <br /> tolled by the period of such delay caused by such causes beyond the control of the Company <br /> (for purposes of this Section 6B causes beyond the control of the Company are limited to <br /> delay in completion of public works construction such as access road, utilities, water and <br /> sewer lines). <br /> C. INVESTMENT AND EMPLOYMENT PACKAGE: If the Company does not meet and <br /> maintain either the investment or employment goals within the annual timetable set forth in this <br /> Agreement,and does not opt to delay the onset of this Agreement as described above,then the <br /> county will reduce the annual installment payment as set forth in Section 2D of this Agreement <br /> until such time as the Company once again meets both the investment and employment goals. <br /> Reduction shall be computed based on the percentage of the goal not met. In order to qualify for <br /> the full reimbursement, including recovery of any prior reductions, both investment and <br /> employment must meet or exceed the minimum standards outlined above prior to the natural <br /> termination of this Agreement. <br /> 7. SEVERABILITY <br /> If any term or provision of this Agreement is held to be illegal, invalid, or unenforceable,the <br /> legality,validity, or enforceability of the remaining terms, or provisions of this Agreement shall <br /> not be affected thereby; and in lieu of such illegal, invalid or unenforceable term or provision, <br /> 2054461.2 <br /> 21896-200 Page 6 of 12 <br />
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