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OTHER-2022-027-PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NORTH CAROLINA, AND WELL DOT, INC.
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OTHER-2022-027-PERFORMANCE AGREEMENT BETWEEN ORANGE COUNTY, NORTH CAROLINA, AND WELL DOT, INC.
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Last modified
5/25/2022 11:41:56 AM
Creation date
5/25/2022 11:39:46 AM
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BOCC
Date
5/24/2022
Meeting Type
Business
Document Type
Others
Agenda Item
5-a
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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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\Board of County Commissioners\BOCC Agendas\2020's\2022\Agenda - 05-24-2022 Business Meeting
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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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