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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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BOCC
Date
5/24/2022
Meeting Type
Business
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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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\Board of County Commissioners\BOCC Agendas\2020's\2022\Agenda - 05-24-2022 Business Meeting
Minutes 05-24-2022 Business Meeting
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\Board of County Commissioners\Minutes - Approved\2020's\2022
OTHER-2022-027-PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NORTH CAROLINA, AND WELL DOT, INC.
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\Board of County Commissioners\Various Documents\2020 - 2029\2022
OTHER-2022-030-LEASE PROVISIONS TERM SHEET
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Path:
\Board of County Commissioners\Various Documents\2020 - 2029\2022
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34 <br /> the Lease,but locates its Facility in Orange County creating jobs and new taxable investment in <br /> the County either through new construction or new upfit to existing developed property. The <br /> Company will be eligible to receive Expansion Inducement Grants for up to four(4)years <br /> following its first request. The County may provide the Expansion Inducement Grant based on <br /> new taxable investment and job creation in excess of the minimum levels outlined in Section 2 <br /> above. Any such agreement providing for the annual Expansion Inducement Grant shall require <br /> a separate performance agreement,which shall conform to all relevant North Carolina Statutes <br /> and Orange County Ordinances,Policies or Resolutions, shall be in writing, and shall be <br /> mutually agreed upon by the Parties. <br /> 4. PROOF AND CERTIFICATION <br /> The Parties to this Agreement shall furnish the necessary reports and certificates to verify that <br /> each party's respective goals are met as may be reasonably requested during the Term hereof. <br /> Acceptable forms of proof for taxable investment shall be the records of the County Tax <br /> Administrator. Acceptable forms of proof of payment of taxes shall be in the form of cancelled <br /> checks and receipts of payment from the County Tax Administrator. Acceptable forms of proof <br /> for employment numbers shall be in the form of one or more Quarterly Tax and Wage Reports <br /> (Form NCUI 101) filed with the N.C. Employment Security Commission. Company shall <br /> provide copies of each NCUI within thirty(30) days of filing the same with the N.C. <br /> Employment Security Commission throughout the Term. Acceptable forms of proof of <br /> expenditures on upfit,remodeling, and construction on and to the Eligible Property shall be in <br /> the form of cancelled checks and receipts. <br /> Until that date which is one (1)year following the date of the final Inducement Grant <br /> installment, the Company shall allow representatives of the County to enter the Facility during <br /> normal business hours upon forty-eight(48)hours prior notice for the purpose of confirming <br /> that the claimed investment and employment goals have been met. Company will not be held <br /> liable for injuries to representatives of the County while at the Facility. <br /> 5. REMEDY <br /> If the County does not meet and maintain the terms set forth in this Agreement,the Company <br /> may terminate this Agreement upon thirty(30) days written notice to the County. <br /> 6. EVENT OF DEFAULT AND RIGHT TO CURE. <br /> Notwithstanding anything contained in this Agreement or the Lease to the contrary, if the <br /> Company is in default of Section 15 of this Agreement or Section 14 of the Lease,the County <br /> shall give the Company written notice of such default. If the default is reasonably capable of <br /> being cured within thirty (30) days after the County shall have given the Company written notice <br /> of such default, Company shall have such period to effect a cure. If the default is such that it is <br /> not reasonably capable of being cured within thirty(30) days, and if Company(a) initiates <br /> corrective action within said period, and(b) diligently, continually, and in good faith works to <br /> effect a cure as soon as possible,then Company shall have such additional time as is reasonably <br /> necessary to cure the default prior to exercise of any remedies by the County. In no event shall <br /> the County be precluded from exercising remedies if the default is not cured within ninety(90) <br /> Page 6 of 17 <br />
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