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Agenda 05-24-22; 5-a - Public Hearing Regarding Proposed Lease Agreement and Economic Development Incentive Agreement for Well Dot, Inc.
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Agenda 05-24-22; 5-a - Public Hearing Regarding Proposed Lease Agreement and Economic Development Incentive Agreement for Well Dot, Inc.
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5/19/2022 3:16:34 PM
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5/24/2022
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Agenda
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5-a
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Agenda for May 24, 2022 BOCC Meeting
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29 <br /> Attachment 2 <br /> STATE OF NORTH CAROLINA <br /> ORANGE COUNTY <br /> PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY,NORTH CAROLINA,AND <br /> WELL DOT,INC. <br /> This Performance Agreement("Agreement")made and entered into this the 24th day of May, 2022 by <br /> and between Orange County, a political subdivision of the State of North Carolina("County") and Well <br /> Dot, Inc., a Delaware corporation, with facilities to be located in Chapel Hill, Orange County,North <br /> Carolina("Company"), for the purpose of incentivizing Company's investment in Orange County. <br /> County and Company may be jointly referred to as the "Parties." <br /> Company is a privately-held Delaware corporation situated and doing business in the Town of Chapel <br /> Hill, Orange County,North Carolina. Company's Facility shall serve as the corporate offices and the <br /> company's health care operations center. Company represents it is duly authorized to conduct business <br /> in North Carolina. It is understood that the levels of performance required by this Agreement are to be <br /> met by Company as a whole at its Facility in Orange County. Accordingly,the term"Company" as used <br /> in this Agreement refers to the entire group at such Facility. <br /> WITNESSETH <br /> THAT WHEREAS,the County has offered to the Company an inducement package as hereinafter set <br /> forth; and <br /> WHEREAS,the State of North Carolina and the Town of Chapel Hill,North Carolina have offered <br /> separate inducement packages to the Company; and <br /> WHEREAS, Pursuant to G.S. Section 153A-449, 158-7.1, and 158-7.2, as construed by the North <br /> Carolina Supreme Court in its opinion in Maready v. The City of Winston-Salem, et al, 342 N.C. 708 <br /> (1996), and other judicial authority,the County may enter into an agreement with the Company in <br /> connection therewith; and <br /> WHEREAS,the County finds that awarding the Company an inducement package based on its <br /> Employment Goals and Total Taxable Investment will increase the taxable property base for the County <br /> and help create new jobs in the County at the agreed average annual salary, all of which will result in an <br /> added and valued benefit to the taxpayers of the County; and <br /> WHEREAS,but for the offer of an inducement package the Company would not be locating its facility <br /> within Orange County. <br /> NOW, THEREFORE,the Parties hereto in consideration of these mutual covenants and agreements <br /> passing from each to the other do hereby agree as follows: <br /> 1. DEFINITIONS. As used in this Agreement the terms below will have the following meanings: <br /> CHAR2\2378371v11 <br /> CHAR2\2378371v15 <br />
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