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2016-627 BOCC - Performance Agreement between Orange County, NC and Wegmans Food Markets, Inc.
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2016-627 BOCC - Performance Agreement between Orange County, NC and Wegmans Food Markets, Inc.
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Last modified
9/18/2018 3:54:21 PM
Creation date
11/3/2016 3:31:56 PM
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Contract
Date
11/1/2016
Contract Starting Date
11/1/2016
Contract Ending Date
10/31/2022
Contract Document Type
Agreement - Performance
Amount
$4,000,000.00
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Acceptable forms of proof for valuation shall be the records of the Orange 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 Orange County Tax Administrator. Acceptable forms <br /> of proof for employment numbers shall be in the form of either a notarized certification from a <br /> Certified Public Accountant retained by the Company to provide such certification to the <br /> County. Acceptable forms of proof for sales revenue shall be in the form of a notarized <br /> certification from a Certified Public Accountant retained by the Company to provide such <br /> certification to the County. <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 Article 1 IA of <br /> this Agreement upon thirty (30) days written notice to the County. <br /> B. DELAY OF INDUCEMENT PACKAGE INITIATION: If the Company determines it will <br /> not meet the year one employment, sales, and valuation goals that are to be met pursuant to this <br /> Agreement by the date that is one year after the Commencement Date,the onset of this <br /> Agreement may be delayed one (1)year, at the option of the Company. Written notification of a <br /> request to delay onset must be received by the County no later than nine (9)months after the <br /> Commencement Date. In the event the employment, sales, and valuation goals are not met due <br /> to causes beyond the control of the Company,the period in which such employment, sales, and <br /> valuation goals are to be met shall be tolled by the period of such delay caused by such causes <br /> beyond the control of the Company(for purposes of this Article 613, causes beyond the control <br /> of the Company are limited to: delay in completion of public works construction such as access <br /> road, utilities,water, and sewer lines where such public works projects are the responsibility of a <br /> state, local, or federal agency; failure to obtain governmental approvals; Act of God; strikes; <br /> lockouts; inability to procure materials (including energy); power; casualty; inclement weather; <br /> riots; insurrection; war). <br /> C. VALUATION, SALES,AND EMPLOYMENT PACKAGE: If the Company does not meet <br /> and maintain any of the valuation, sales, or employment goals within the annual timetable set <br /> forth in this Agreement(except as set forth above), and does not opt to delay the onset of this <br /> Agreement as described above,then the County will reduce the annual installment payment as <br /> set forth in Article 3C of this Agreement until such time as the Company once again meets <br /> valuation, sales, and employment goals. Reduction shall be computed based on the percentage of <br /> the goal not met. In order to qualify for the full reimbursement, including recovery of any prior <br /> reductions, except reductions based on employment,both valuation and sales revenue must meet <br /> or exceed the minimum standards outlined above prior to the natural termination of this <br /> 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 tern or provision, <br /> there shall be added by mutually agreed upon written amendment to this Agreement, a legal, <br /> valid, or enforceable term or provision, as similar as possible to the term or provision declared <br /> illegal, invalid,or unenforceable. <br /> Page 6 of 13 <br />
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