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AG 2010 04 19
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AG 2010 04 19
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Last modified
4/21/2010 8:50:26 AM
Creation date
11/27/2017 11:22:21 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/14/2010
Board
Board of Commissioners
Meeting Type
Regular
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shall be subject to Section 3.2 of the County's Economic Development Grant <br />Policy. <br />G. Under no circumstances shall the County make any EDI Grant payment for the <br />taxes paid by the Company in the preceding year, or portion of a year, during <br />which the Company did not operate the Facility. <br />IV. Reduction and Recapture of Incentives <br />A. If Company is not current on all other taxes, fees, assessments or other amounts <br />owed to the County by Company, the County may set off from any EDI Grant any <br />amount(s) so owed by Company to the County. <br />B. If for any reason Company fails to make the $57,400,000 investment required by <br />Section III A within ten (10) years fromthe date of execution of this Agreement, <br />then the County will have no further responsibility to make any`EDI, Grants to <br />Company. <br />C. The EDI Grant for any phase will be reduced by the percentage by which <br />Company's capital investment fell short of the target investment for that phase. <br />An example showing the operation of this section appears in Exhibit C attached to <br />this Agreement. <br />D. If Company ceases to operate the Facility completely at any time within ten years <br />of the Opening Date, then Company shall not be entitled to any further EDI <br />Grants otherwise due the Company under this Agreement. <br />E. The County is not required to make any EDI Grants to Company at any time after <br />any announcement by Company of its plan to cease operations at the Facility. <br />F. If the Company ceases operations at the Facility or otherwise ceases to use the <br />Site for the purposes contemplated herein, in either case within ten years after the <br />Company conunences operations at the Facility, for any reason other than <br />nonperformance,,by the County of its covenants under this Agreement, then, at the <br />County's request, the Company will (i) reimburse the County the $350,000.00 for <br />Site Preparation Work, and (ii) refund to the County a percentage of the EDI <br />Grantspeviously paid to the Company, in each case depending on the year in <br />wluch the Company ceases operations at the Facility as detei7nined by the <br />following table: <br />Table 2 <br />Reimbursement <br />Year Percentage <br />1-4 <br />100 <br />65 <br />G-2 Pag~agefl~8 <br />
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