Agenda - 12-13-2022; 8-c - Proposed Eighteen-Month Extension of the State of North Carolina’s “Building Reuse Grant” Incentive for Industrial Connections & Solutions-ABB Inc.

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7 2. Term of Grant Agreement, The effective period of this Grant Agreement shall commence on 10/17/2019 ("Effective Date") and shall terminate on 12/31/2022 unless terminated on an earlier date under the terms of this Grant Agreement (either one of which dates shall constitute the "Termination Date") or unless extended for an express term in writing by the County. 3. Funding. The Rural Authority proposes to the County an amount not to exceed$500,000.00 for expenditures directly relating to the Project. The County shall not make or approve of any expenditure or disbursal of Grant funds except pursuant to the terms of this Grant Agreement. 4. Method of Payment. County shall pay the Grant fund to Company within 30 days of receipt from the Rural Authority. Payment of Grant funds shall not occur until the Job Verification and Close Out Requirements outlined in Exhibit D of the Rural Economic Development Grant Agreement have been submitted and approved by the North Carolina Department of Commerce. 5. Obligation of Funds. The County shall not obligate Grant funds prior to the Effective Date or subsequent to the Termination Date of this Grant Agreement.All obligations outstanding as of the Termination Date shall be liquidated within thirty days. 6. Project Records. a (a). The Company shall maintain full, accurate and verifiable financial records,supporting documents and all other pertinent data for the Project in such a manner as to clearly identify and I document the expenditure of the funds provided hereby separate from accounts for other awards, j monetary contributions, or other revenue sources for this Project. (b). The Company shall retain all financial records, supporting documents and all other pertinent records related to the Project for a period of five (5)years from the Termination Date. In the event such records are audited, all Project records shall be retained beyond the five-year period until the audit is j concluded and any and all audit findings have been resolved. 7. Monitoring, Reports and Auditing. (a). The Company agrees to ensure compliance and provide its assistance with such monitoring and auditing requirements as the County or State of North Carolina ("State"), including Commerce, may request, including after the Termination Date of this Grant Agreement. Additionally,the Company shall regularly monitor all performance related to Grant-supported activities, including activities performed by the Company and any agent,contractor or subcontractor,to ensure compliance herewith, (b). The Company shall furnish the County detailed written progress reports as requested by County. Such reports should describe the progress made by the Company and any agent, contractor or subcontractor toward achieving the purpose(s) of the Project, Such descriptions should include the successes and problems encountered during the reporting period. Failure to submit a requested report may result in the withholding of any forthcoming payment until County is in receipt of the delinquent report and the report meets with County's approval, in County's sole discretion.