AG 2004 05 17 - Laserfiche WebLink

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