2019-603 Economic Dev - ABB Inc. Performance Agreement

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Investment by the Company of Thirty-Nine Million Nine Hundred Thousand Dollars ($ 39 , 900 , 000 . 00) . This maximum amount may be reduced based on lower than anticipated investment by the Company . 4 . 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 2 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 . 5 . PROOF AND CERTIFICATION The officials of the parties to this Agreement shall furnish the necessary reports and certificates to verify that each party' s respective goals are met . 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 . Until that date which is one ( 1 ) year following the date of the final Incentive Grant payment, the Company shall allow representatives of the County to enter the Facility during normal business hours upon forty- eight (48 ) hours prior notice for the purpose of confirming that the claimed investment and employment goals have been met . Company will not be held liable for injuries to representatives of the County while at the Facility . 6 . 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 Section 1 lA of this Agreement upon thirty (30 ) days written notice to the County . B . DELAY OF INDUCEMENT PACKAGE INITIATION : If the Company believes that it will not meet employment and investment goals that are to be met pursuant to this Agreement by June 30 , 2020 , the onset of this Agreement may be delayed up to one ( 1 ) year, at the option of the Company . Written notification of the exercise of this option to delay onset must be received by the County no later than June 30 , 2020 . In that event this Agreement shall initiate no later than June 30 , 2021 and shall expire no later than January 31 , 2026 . In the event the employment and investment goals are not met due to causes beyond the control of the Company, the period in which such employment and investment goals are to be met may, upon written notice to , and agreement by the County, be tolled by the period of such delay, up to one ( 1 ) year, caused by such causes beyond the control of the Company (for purposes of this Section 6B causes beyond the control of the Company are limited to delay in completion of public works construction such as access road, utilities , water, and sewer lines) . Notwithstanding anything else herein the Commencement Date shall not be beyond June 3 0 , 2022 . If Company cannot meet this deadline Page 6 of 20