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14 <br /> 3. INDUCEMENT PACKAGE <br /> A. COUNTY INDUCEMENT GRANT: The County,upon execution of this Agreement, shall <br /> provide to the Company an inducement to offset facility development, expansion, and <br /> acquisition costs in an amount not to exceed One Million Eight Hundred Forty Thousand Nine <br /> Hundred Sixty Seven Dollars ($1,840,967.00). This inducement shall be payable in five <br /> installments over a five year period, calculated as a performance grant equal to seventy-five <br /> percent(75.0%) of the actual property tax valuation for real and personal property taxes due in <br /> each year of the 5-year grant period. The first installment shall occur during of the <br /> 2021 calendar year upon receipt of proof, as described in Section 5 of this Agreement, that the <br /> minimum employment and investment numbers referenced in Section 2 of this Agreement have <br /> been met and that all local property taxes on the real and business personal property owned by <br /> the Company and located within Orange County have been paid. Subsequent annual <br /> installments will occur during the month of January for the term of this Agreement with the final <br /> installment occurring in January 2026. No installment shall be required to be paid until such <br /> time as County receives proof of the payment of all property taxes and verification of <br /> employment and investment levels has been submitted to the County. <br /> B. TOTAL COUNTY COMMITMENT: The total County commitment for the Inducement <br /> Grant outlined in Section 3.A. above shall not exceed One Million Eight Hundred Forty <br /> Thousand Nine Hundred Sixty Seven Dollars ($1,840,967.00). <br /> 4. EXPANSION OPPORTUNITY <br /> Participation in this Agreement shall not exclude the Company from consideration for additional <br /> inducements from the County either during or upon completion of this Agreement. Future <br /> projects shall be considered on a case-by-case basis and induced at the discretion of the County <br /> based on new taxable investment and job creation in excess of the minimum levels outlined in <br /> Section 2 above. Any such agreement shall require a separate"Performance Agreement"which <br /> shall conform to all relevant North Carolina Statutes and/or Orange County Ordinances, Policies <br /> or Resolutions, shall be in writing, and shall be mutually agreed upon by the Parties. <br /> 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 /> Page 5 of 12 <br />