Orange County NC Website
Browse       Search
14 <br /> C. MAXIMUM COUNTY COMMITMENT: The Inducement Grant SHALL NOT EXCEED <br /> (Eighty Six Thousand Two Hundred Sixty One Dollars ($86,261.00). This is the maximum <br /> allowable inducement amount based on an estimated Total Taxable Investment by the Company <br /> of Four Million One Hundred Fifty Thousand Dollars ($4,150,000.00). This maximum amount <br /> may be reduced based on lower than anticipated investment by the Company. <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 the parties to this Agreement shall furnish the necessary reports and certificates <br /> to verify that each party's respective goals are met. Acceptable forms of proof for taxable <br /> investment shall be the records of the County Tax Administrator. Acceptable forms of proof of <br /> payment of taxes shall be in the form of cancelled checks, and receipts of payment from the <br /> County Tax Administrator. Acceptable forms of proof for employment numbers shall be in the <br /> form of a notarized statement from a North Carolina licensed Certified Public Accountant and <br /> shall be verified by the North Carolina Employment Security Commission. <br /> Until that date which is one (1)year following the date of the final Incentive Grant payment, the <br /> Company shall allow representatives of the County to enter the Facility during normal business <br /> hours upon forty-eight(48)hours prior notice for the purpose of confirming that the claimed <br /> investment and employment goals have been met. Company will not be held liable for injuries to <br /> representatives of the County while at the Facility. <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 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 believes that it will <br /> not meet employment and investment goals that are to be met pursuant to this Agreement by <br /> December 31,2020, the onset of this Agreement may be delayed up to one (1)year, at the option <br /> of the Company. Written notification of the exercise of this option to delay onset must be <br /> received by the County no later than December 31, 2020. In that event this Agreement shall <br /> initiate no later than December 31, 2021 and shall expire no later than January 31, 2026. In the <br /> event the 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 may,upon <br /> written notice to, and agreement by the County,be tolled by the period of such delay,up to one <br /> (1)year, caused by such causes beyond the control of the Company(for purposes of this Section <br /> 6B causes beyond the control of the Company are limited to delay in completion of public works <br /> Page 6 of 14 <br />