Orange County NC Website
Browse       Search
32 <br /> A. INVESTMENT <br /> 1. The Company anticipates it shall, during the Term of this Agreement, directly invest a <br /> Minimum Taxable Investment annually in accordance with the real property investment <br /> plan attached as Exhibit B in addition to assessments in taxable business Personal <br /> Property also provided on described in Exhibit C. <br /> 2. The Company shall achieve the Total Taxable Investment by December 31, 2025. <br /> 3. The Baseline Valuation shall be excluded from calculations to determine whether the <br /> investment goals have been met. <br /> B. EMPLOYMENT <br /> 1. On or before December 31,2025, at least 400 net new positions filled with full time <br /> equivalent employees will be created and maintained at the Facility as reflected in <br /> Exhibit A. The number of full time positions shall be evidenced by one or more <br /> Quarterly Tax and Wage Reports (Form NCUI 10 1) filed with the N.C. Employment <br /> Security Commission. Except as otherwise provided herein the Company will not be <br /> penalized if it reaches at least 360 (the 90% Target)net new positions filled with full <br /> time equivalent employees prior to the expiration of this Agreement. <br /> 2. During the Term and at the expiration of this Agreement,the Company, and its <br /> Affiliates, shall employ, at the Facility in Orange County,new full time equivalent <br /> employees equal to at least the 90% Target. Employees counted toward the totals <br /> reflected in Exhibit A shall include only new employees of the Company employed and <br /> assigned to the Company's Facility in Orange County,North Carolina provided such <br /> employees are employed in Orange County on a full time basis and are eligible to <br /> participate in Company sponsored health insurance programs. New full time equivalent <br /> employees who are assigned to the Company's Facility in Orange County,but who <br /> work from a North Carolina based home office may also be counted towards the totals <br /> reflected in Exhibit A. For purposes of this Section"full time equivalent employees" <br /> shall be defined as actively employed individuals and shall not include vacant positions <br /> for which the Company is actively or otherwise recruiting and shall not include <br /> positions counted toward the Baseline Employment. It is understood that vacancies <br /> occur and that when such occur the Company will immediately, or as soon as is <br /> reasonably possible thereafter, fill said vacancies. The average wage of the up to 400 <br /> new full time equivalent employees shall be, as of the last day of this Agreement, at the <br /> annual rate of Sixty Three Thousand Six Hundred Sixty Five dollars ($63,665.00). <br /> C.DEVELOPMENT GRANT PARTICIPATION: Should the State of North Carolina agree to <br /> provide additional development Grants to the County, the Company agrees to partner, through the <br /> commitment to create new jobs, with Orange County and other agencies to apply for development <br /> Grants that will improve and/or add water, sewer, road or other necessary infrastructure in order to <br /> facilitate the successful completion of this project. The Company agrees to meet with program <br /> representatives, and to participate in the grant request process as necessary to secure the required <br /> funding. <br /> D. GUARANTEED MINIMUM LEVEL OF PERFORMANCE: The Company agrees that its <br /> minimum level of performance pursuant to this Agreement in terms of employment shall be as set <br /> out in this Section 2. Company agrees that failure to meet and maintain the 90%Target as <br /> Page 4 of 17 <br />