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Agenda - 12-07-2020; 8-h - Proposed One-Year Extension to ABB’s Inc.’s Incentive Performance Agreement Concerning the Company’s Employment & Investment Target Dates
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Agenda - 12-07-2020; 8-h - Proposed One-Year Extension to ABB’s Inc.’s Incentive Performance Agreement Concerning the Company’s Employment & Investment Target Dates
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BOCC
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12/7/2020
Meeting Type
Business
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Agenda
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8-h
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Agenda 12-07-2020 Virtual Business Meeting
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\Board of County Commissioners\BOCC Agendas\2020's\2020\Agenda - 12-07-20 Virtual Business Meeting
Minutes 12-07-2020 Virtual Business Meeting
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\Board of County Commissioners\Minutes - Approved\2020's\2020
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9 <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 11A 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 /> June 30, 2020,the onset of this Agreement may be delayed up to one(1)year, at the option of <br /> the Company. Written notification of the exercise of this option to delay onset must be received <br /> by the County no later than June 30, 2020. In that event this Agreement shall initiate no later <br /> than June 30,2021 and shall expire no later than January 31, 2025. In the event the <br /> 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, <br /> upon written notice to, and agreement by the County, be tolled by the period of such delay, <br /> up to one (1)year, caused by such causes beyond the control of the Company (for purposes <br /> of this Section 6B causes beyond the control of the Company are limited to delay in <br /> completion of public works construction such as access road,utilities, water, and sewer <br /> lines). Notwithstanding anything else herein the Commencement Date shall not be beyond <br /> June 30, 2022. If Company cannot meet this this Agreement shall terminate automatically <br /> without fault or further obligation to County. Company shall remain free to negotiate a new <br /> incentive agreement with County based on new terms and timelines. <br /> C. INVESTMENT AND EMPLOYMENT PACKAGE: If the Company does not meet and <br /> maintain either the investment or employment goals within the annual timetable set forth in this <br /> Agreement, and does not opt to delay the onset of this Agreement as described above,then the <br /> county will reduce the annual installment payment as set forth in Section 2D of this Agreement <br /> until such time as the Company once again meets both the investment and employment goals. <br /> Reduction shall be computed based on the percentage of the goal not met. In order to qualify for <br /> the full reimbursement, including recovery of any prior reductions,both investment and <br /> employment must meet or exceed the minimum standards outlined above prior to the natural <br /> termination of this Agreement. <br /> Page 6 of 19 <br />
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