Orange County NC Website
Browse       Search
K . "Personal Property . " All business personal property , other than real property, the <br /> Company or an Affiliate owns or leases located at the Facility, including all (a) <br /> machinery and equipment, (b) furniture , furnishings , and fixtures , (c) property that is <br /> capitalized for federal or state income tax purposes , and (d) any and all additions or <br /> replacements of any of the foregoing in excess of $ 100, 000 . <br /> L . " Qualifying Expenditure . " All expenditures the Company, an Affiliate , or lessor to the <br /> Company or an Affiliate makes for Eligible Property which is subject to Tax in the <br /> County, and which is not otherwise subject to an exemption or exclusion from Tax, that <br /> the Company uses . <br /> M . " State . " The State of North Carolina . <br /> N . " Subject Property . " The property on which the Company operates the Orange County <br /> facility having Parcel Identifier Number 9873891841 . <br /> O . "Tax" or "Taxes . " Ad valorem property tax levied on real and Personal Property <br /> located in the County pursuant to Article 25 , Chapter 105 of the North Carolina General <br /> Statutes or any successor statute relating to ad valorem property tax the County levies on <br /> property . <br /> P . "Term" or "Full Term . " The duration of this Agreement commencing as of the Effective <br /> Date and through and including June 30 , 2031 . <br /> Q . "Total Taxable Investment . " The taxable value of all Qualifying Expenditures made by <br /> Company in and to its Orange County Facility as of December 31 , 2030 . <br /> 2 . INDUSTRIAL INVESTMENT AND EMPLOYMENT AGREEMENT <br /> A . INVESTMENT <br /> 1 . The Company anticipates it shall , during the Term of this Agreement, directly invest a <br /> Minimum Taxable Investment annually in accordance with the investment plan attached <br /> as Exhibit C in addition to the amount of the 2025 assessments in real and taxable <br /> Personal Property attributable to the existing Facility as described in Exhibit D and <br /> Exhibit E . If the Company does not make the Total Taxable Investment on or before <br /> December 31 , 2030 (and as may be extended below), the total amount of the <br /> Inducement Grants will be adjusted as provided in Subsection 2 .A . 3 . <br /> 2 . The Company shall invest the Total Taxable Investment by December 31 , 2030 . <br /> 3 . If the total increase of taxable investment falls below the Minimum Taxable Investment <br /> levels , due to failure to meet the investment goals set forth in Exhibit C or removal of <br /> equipment, as assessed by the Orange County Tax Assessor, the amount of the following <br /> annual Inducement Grant installment payment will be reduced by a pro -rata percentage <br /> of the shortfall ; provided, however, the foregoing shall not be deemed to limit the total <br /> amount of the Inducement Grant available to the Company and so long as as any <br /> shortfall in Minimum Taxable Investment in any given year is invested in a subsequent <br /> year, Company shall be entitled to recoup any prior reductions in the payment of the <br /> Incentive Grant so long as the Total Taxable Investment occurs on or before December <br /> 31 , 2030 . The baseline for measuring whether the investment goals have been met (i . e . <br />