2020-037 Economic Dev - Piedmont Metalworks LLC performance agreement

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C . "Baseline Valuation . " Current assessed valuation of the Subject Property as assessed by the Orange County Tax Administrator prior to the investment contemplated in this Agreement . Upon revaluation by the County the Baseline Valuation shall be adjusted as determined by the Orange County Tax Administrator . D . " Commencement Date . " The date in which the Company begins actual production operations at the Subject Property, after having obtained applicable governmental approvals , certificates of zoning compliance , and certificates of occupancy . Unless delayed by causes beyond the control of the Company, the Commencement Date is anticipated to be no later than December 31 , 2020 . E . " Company . " Piedmont Metalworks , LLC . and includes its affiliates , successors , and assigns . F . "Eligible Property . " Includes (a) the Subject Property ( as defined in Exhibit C , Legal Description of Real Property) , other real property in the County, and all improvements the Company or an Affiliate of the Company constructs or installs , or causes to be constructed or installed, at the Subject Property or such other real property, including all buildings , building systems , and building improvements , and (b) all personal property (as defined in Exhibit B , Personal Property) the Company or an Affiliate of the Company purchases or leases and installs , at or relocates to , the Facility or such other real property . Does not include property valued for the Baseline Valuation . G . " Grant . " An economic incentive grant to the County pursuant to Section 2 of this Agreement . H . "Inducement Grant . " An economic development grant provided to Company for the purpose of securing the Company ' s location of its manufacturing facility in Orange County, North Carolina . I . "Minimum Taxable Investment . " The aggregate Qualifying Expenditures made by the Company that Company anticipates will be made annually as reflected in Exhibit A and verified by the Orange County Tax Assessor and which will be used for calculating the annual Inducement Grant payment . J . " Orange County Facility" or "Facility . " The Company constructed and/or owned primary and secondary structures , utilities , and operations and service areas situated on the Subject Property adjacent to 5816 U . S . 70 West, Orange County, North Carolina in and on which Company conducts its business and/or operations . K . "Person . " Any individual , partnership , trust, estate , association , limited liability company, corporation , custodian, nominee , governmental instrumentality or agency, body politic or any other entity in its own or any representative capacity . L . "Personal Property . " All personal property the Company or an Affiliate owns or leases located at the Facility, including all (a) machinery and equipment, (b ) furniture , furnishings , and fixtures , ( c ) property that is capitalized for federal or state income tax purposes , (d) all additions to any of the foregoing, and all replacements of any of the foregoing in excess of $ 100 , 000 . Page 2 of 14