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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i 32 Rural Economic Development Loan Agreement and EXHIBIT E Legally Binding Commitment,Private Owner 2020.02S-3Z01-2587 BUILDING REUSE PROGRAM—Revision#3 2. Loan. (a) The Governmental Unit hereby loans to the Owner the sum of$500,000,00(the "Loan"),which consists entirely of State Grant funds, to fund the Project. Exhibit A to the Grant Agreement refers to the entity(or entities,as applicable)required to create and maintain certain full-time new jobs, as defined in Paragraph 3(a),to complete the Project under this LBC as the"Company,"the "Employer"and the "Business"(together and hereinafter, the"Business"). The Owner specifically acknowledges that: it must repay the Loan in accordance with the terms of this LBC if the Business does not create and maintain the new jobs required by Paragraph 3(a) below; and as evidence of its obligation to repay the Loan,the Owner has executed the Promissory Note,Exhibit F to the Grant Agreement,which the Owner represents, acknowledges and agrees has been signed by every individual or entity that has any ownership interest In the Property and is fully binding on the Owner. (b). As conditions of receiving the Loan: i. The highest elected official of the Governmental Unit and a duly authorized representative of the Owner shall execute two originals of the LBC in its exact form(unless Commerce approves of a change to its terms in writing), and the Governmental Unit shall return one such original to Commerce; i ii, Every individual or entity that has any ownership interest in the Property shall execute two originals of the Promissory Note in its exact form,and the Governmental Unit shall return one such original to Commerce; and III. The Owner and the Governmental Unit shall ensure that an authorized representative of each Business executes a Waiver,Exhibit Q to the Grant Agreement, and the Governmental Unit shall forward the original of any such Waiver to Commerce. (c). The Owner hereby represents and warrants that all Loan funds shall be utilized exclusively for the purpose of the Project and that it shall not make or approve of any improper expenditures of Loan funds. 3. New Job Creation. Maintenance of New Jobs and Baseline Number of lobs and Verification, (a). New Job Creation and Maintenance of New Jobs and Baseline Number of Jobs. A "New Job"shall mean a full-time job(consisting of at least 35 hours per week of employment and eligibility for all benefits generally available for full-time employees j of the Business)which is with the Business, is located in North Carolina,has a wage at least equal to the minimum wage, is created and maintained by the Business in order to complete the Project and is over and above the 1,222 full-time jobs in North Carolina("Baseline Number") that the Business reported having at the time of the application for the Project, The Owner agrees that the Business shall be required to create and maintain In existence for six(6)consecutive months 378 New Jobs prior to the Termination Date,unless this term is extended pursuant to Paragraph 5. Separate and apart from these New Jobs,the Owner agrees that the Business shall be required to maintain in existence its Baseline Number of jobs for as long as it takes the Business to create and maintain its required number of New Jobs. (b). Verification. When the New Jobs required by Paragraph 3(a)have been created and maintained for six(6)consecutive months,the Owner shall notify the Governmental Legally Binding Commitment-2