OTHER-2024-069-Performance Agreement Between Orange County and Morinaga

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increase in the assessment of the Company ' s real property and (2 ) downward, to reflect the natural decline in the value of the Company ' s personal property (existing in 2024 and acquired thereafter in the course of the new investment) as measured by the depreciation of such property in accordance with generally accepted accounting principles . B . EMPLOYMENT 1 . On or before December 31 , 2030 at least 204 net new positions filled with full-time equivalent employees will be created at the Facility as reflected in Exhibit B . The number of full -time positions shall be evidenced by one or more Quarterly Tax and Wage Reports (Form NCUI 101 ) filed with the N . C . Employment Security Commission . Net new positions means positions added above and beyond Baseline Employment . If 90 % of the net new positions are not achieved on or before December 31 , 2030 (or as extended as provided below) , the amount of the Grants will be adjusted as provided in Section 2 . D . and Section 6 . 2 . During the first year of operation following the year in which the Commencement Date occurs , Company and County agree Company shall hire 57 new full time employees at the Facility . During the second year of operation the Company shall hire an additional 51 new full time employees at the Facility for a total of 108 new full time employees at the Facility . During the third year of operation the Company shall hire at a minimum an additional 48 new full time employees for a total of 156 new full time employees at the Facility . During the fourth year of operation the Company shall hire an additional 36 new full time employees for a total of 192 new full time employees at the Facility . During the fifth year an additional 12 new full time employees shall be hired for a final and ongoing 204 full time employees at the facility . At the expiration of this Agreement, the Company shall employ, at the Facility in Orange County , at least the equivalent of 204 new full time employees in accordance with Exhibit B . 3 . Employees counted toward this total shall include only new employees of the Company in the State of North Carolina employed and located at Company ' s Facility in Orange County above and beyond Baseline Employment, provided such employees are employed in Orange County on a full time basis . Employees of the Company will be eligible to participate in Company sponsored health insurance and retirement programs . For purposes of this section "new full time employees " shall be defined as actively individuals and shall not include employees or positions counted for Baseline employed Employment or vacant positions for which the Company is actively or otherwise recruiting It is understood that vacancies occur and that when such occur the Company will immediately, or as soon as is reasonably possible thereafter, fill said vacancies . The average wage of the 204 new full time employees shall be , as of the last day of this Agreement, at the annual rate of $48 , 912 . C . DEVELOPMENT GRANT PARTICIPATION : Where applicable , the Company agrees to partner, through the commitment to create new jobs , with Orange County and other applicable agencies to apply for development grants that will improve or add water, sewer, road or other necessary infrastructure in order to facilitate the successful completion of this project . The Company agrees to meet with program representatives , and to participate in the grant request process as necessary to secure the required funding . D . GUARANTEED MINIMUM LEVEL OF PERFORMANCE : The Company agrees that its minimum level of performance pursuant to this Agreement shall be as set out in this Section 2 . Furthermore , Company agrees that failure to meet the minimum level of new employment as 4863 -5202 -3475 .v5