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AG 2004 05 17
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AG 2004 05 17
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Last modified
3/9/2006 9:19:36 PM
Creation date
11/27/2017 11:37:54 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/17/2004
Board
Board of Commissioners
Meeting Type
Regular
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permanent full-time jobs at the Sit~ with an averaqe <br />annual wage of per hour, as determined by North <br />Carolina payroll records. <br /> <br />(e) .Phase ,v. During Phase V, PPI commits to the installation- <br /> of additional Personal Property at the Site for an <br /> additional minimum taxable ~nvestment at the Site of <br /> <br />Seven Million Dollars ($7,000,000) . PPI represents to i <br /> <br />the County that the addition of Phase V Personal <br /> <br />Property wall result ~n an annual average of <br />additional new permanent full-time jobs at the Sate with <br />an average annual wage of per hour, as determined <br />by North Carolina payroll records. <br /> <br />~otwlthstandlnq any term or condition ~n th~s or any other <br />agreement, PPI acknowledqes that if PPI fails at any time to: (a) <br />maintain a minimum of seventy five percent (75%) of the projected <br />annual average level of full-tame employees at a minimum of <br /> <br />seventy five percent (75%) of the projected annual average wage <br />per hour, as evidenced by North Carolina tax w~thhold~ng reports; <br />or (b) complete seventy f~ve percent (75%) of the projected <br />expenditures for each Phase as set forth herein; or (c)fails for <br /> <br />whatever reason to continue in business as a fully operational <br /> <br />facility; the County shall have no further obliqation to provide <br /> <br />tax incentives hereunder accrulnq from that point forward. <br /> <br />At the beginning of each Phase and at any other point zn t~me <br />reasonably requested by the County, PPI agrees to provide to the <br />County full and complete projected and final capital project <br />expenditures for the project as well as time lines for phasing in <br />the real property construction and the purchase and installation <br />of Personal Property. Such informatzon shall be provided the <br />County in the form of individual Phase summary numbers and <br />cumulative Phase summary numbers. <br /> <br />' Dmletm4: At the beginning of <br /> each <br /> <br /> ~wnmtted: Underline <br /> <br />Deleted:set forth above and <br />at any other point in time <br />reasonably requested by the <br />County, PPI agrees to <br />provide to the County full <br />and complete projected and <br />final capital project <br />expenditures for the project <br />as well as time l~nes for <br />phasing ~n the real property <br />construction and the <br />purchase and ~nstallat~on of <br />Personal Property. Such <br />infoz~nation shall be <br />prOvided the County in the <br />for~of individual Phase <br />su~rynumbers and <br />cumulatlve Phase summary <br />numbers. <br /> <br />F~rmaUmd: Numbered + Level: 1 + <br />Numbenng Style: a, b, c, ... + Start <br />at: I + Alignment: Left + Ahgned at: <br />0.52" + Tab aRer: ]..02" + Indent at: <br />1.02" <br /> <br />[D~eJ~d:2. Incentive Grants. <br />Pursuant t o~ram~e <br />County shall, ~n accordance <br />with th~s Agreement, pay to <br />PPI an incentive grant (the <br />"Grants") equzvalent to <br />Level I of the Program, <br />i.e., an amount equal to <br /> percent -- <br /> <br /> 3. Incentive Grants. Pursuant to this Agreement, provided <br />PPI honors its investment and employment commitments set forth <br />herein, the County shall pay to PPI an incentive grant (the <br />"Grants") equivalent to Level I of the Proqram, i.e., an amount <br /> <br />equal to seventy five percent (75%) of the property tax paid by <br />PPI upon the actual assessed ad valorem tax value increase <br />occasioned by construction of, respectively, the Phase I <br />Improvements, the Phase II Personal Property, the Phase III <br />Improvements, the Phase IV Personal Property and the Phase V <br />Personal Property at the Site. The County shall pay Grants to PPI <br />as follows: <br /> <br /> <br />
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