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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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and for communication with the County concerning these Investments and this <br />Agreement. <br />2. City and State Incentives. The County agrees to assist Project Hornet <br />Applicant in obtaining any incentives, investments and programs that may be or become <br />available from the City of Kannapolis and the State of North Carolina; however, the <br />County shall not be responsible for obtaining or paying any State incentives to Project <br />Hornet Applicant, except as otherwise provided by law. <br />3. Validity of Incentives. As stated in the Program, no change in the <br />Program after the date of this Agreement shall apply to the provisions of this Agreement <br />or to the New Investment or the Facility (as it may be expanded or modified) unless <br />otherwise agreed to in writing by the County and Project Hornet Applicant. In the event <br />one or more lawsuits or other proceedings are brought against the County or any County <br />elected official challenging the legality of this Agreement or any provision, the County <br />shall defend against any and all such lawsuits or other proceedings, including appealing <br />any adverse judgment to the highest appellate court of the State of North Carolina. In the <br />event that any of the economic development Investments or other agreements of the <br />County are determined to be invalid, the County agrees that it will, to the extent <br />permitted by law, provide Project Hornet Applicant with incentives of substantially equal <br />value pursuant to one or more replacement economic development investment programs. <br />4. Noncompliance by Project Hornet Applicant. Project Hornet <br />Applicant acknowledges that at any time during the period that a Investment is paid or is <br />to be paid to Project Hornet Applicant by County, if Project Hornet Applicant has (a) <br />failed or fails to make or maintain the New Investment, (b) failed or fails to provide the <br />jobs represented to the EDC and the County; (c) fails to continue in business a fully <br />operational Facility or (d) fails to comply with State law, any provision of this Agreement <br />or any provision of the Program applicable to this Agreement, then Project Hornet <br />Applicant shall be in default of this Agreement. In any such event, the County may at its <br />option terminate this Agreement and no further Investments shall be paid to Project <br />Hornet Applicant and any Investments paid to Project Hornet Applicant shall be <br />immediately repaid to the County. <br />5. Miscellaneous. <br />a) Project Hornet Applicant acknowledges and understands that all <br />the applicable provisions of the Program are considered enforceable parts of this <br />Agreement and that it must comply with all such provisions in order to be eligible for and <br />remain eligible for the Investments. <br />b) This Agreement and the Investments provided by it may not be <br />assigned by Project Hornet Applicant without the prior written consent of County. <br />C) Notices. All notices, certificates or other communications <br />required by or made pursuant to this Agreement shall be sufficiently given and shall be <br />Attachment number 3 \n <br />G -1 Page 111 <br />
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