Agenda 11/22/2005 - Laserfiche WebLink

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PERFORMANCE AGREEMENT This Perfonnance Agreement made and entered this 29th day of September 2005, by and bct\yeen the Virginia Economic Development Partnership ("VEDP"), a political subdivision of the Commonwealth of Virginia ("Commonwealth"), the Virginia Tobacco Indemnification and Community Revitalization Commission (the "Commission"), a political subdivision of the Commonwealth, the City of Martinsville, Virginia (the "City"), a political subdivision of the Commonwealth, and I-looker Furniture COIporation (the "Company"), a Virginia corporation. WITNESSETH: WHEREAS the City has received a grant of and expects to receive the sum of $325,000.00 from the Governor's Opportunity Fund ("GOF") through VEDP for the purpose of inducing Company to continue its operations ill the City of Martinsville, Virginia, expand its facility, and maintain the employment of a significant number of persons; and WHEREAS the City is \villing to provide the funds to Company provided Company mt."Cts certain criteria relating to employment projections and capital investment; and WHEREAS the City is required to return all or a portion of the funds so received to the Commonwealth if the perfomlance criteria of Company arc not met; and WHEREAS the Commission has as one of its purposes to stimulate the economic gro,...th and development of tobacco-dependent communities in the Southside and Southwest regions of the Commonwealth, and has created it') Tobacco Region Opportunity Fund ("TROF") to provide !"J'fants to such tobacco-dependent communities, and WHEREAS the City has been detemlined by the Commission to be a tobacco-dependent community in the Commonwealth, and WHEREAS the VEDP, the Commission, the City and the Company desire to set forth their understanding and agreement as to the use of grants from the GOF and TROF, the obligations of the Company regarding capital inv~'tment and job retention and repayment by the Company of all or part of the OOF and TROF grants under certain circumstances. NOW, THEREFORE, in consideration of the foregoing, the mutual benefits, promises and undertakings of the parties to this agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows. 1. The City will disburse the entire amount of funds provided to it from the GOF, expected to be the sum of $325,000.00, as an inducement to Company to maintain its existing facility, and retain a significant number of jobs, in Martinsville, Virginia.