Agenda 11/22/2005 - Laserfiche WebLink

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2. The Commission, through its TROF, will provide a grant of $235,000 to the City for the purpose of inducing Company to continue its operations in Martinsville, expand iL'i facility, and retain the employment of a significant number of persons. 3. 'fhe City will disburse the entire mnount of the GOF and TROF grants (collectively, the "Grants") to the Company to be used by the Company in the improvement of the site upon which the Company now operates. 4. The Company will maintain its current operation in Martinsville and make an additional capital investment of at least $8,500,000 ($ 1,900,000 in building improvements and S6,600,000 in equipment), and will lIIainta;n at least 325 jobs, all over a thirty-month time period measured from the date the Grants arc received by the Company. For purposes oft/.is Performance AgrecmelU, "ma;"ta;Il" means Iltat the jobs will c01llinue wit/um1 ;nterrllptioll from the date the Grallts ar(~ received by the Compa,,)' through at least tlte l!IId date of/Ire tllirl."l'-IIIontlt period. 5. Repayment Obligation: For purposes of repayment, both the GOF and TROF Grants are to be allocated as $280.0()() for the Company's capital investment commitment and $280,000 for its employment commitment. (f Company has met at least ninety percent (90%) of the capital investment and employment goals set forth in paragraph 4 hereof within the thirty- month period, then and thereafter Company is no longer obligated to repay any portion of eitber Grant provided to it hereunder. If the Company has not met at lellst ninety percent (90%) of its capital investment and job commitmt."llt set forth in paragraph 4 hereof within tbe thirty-month period, the Company shall repay to the City that part of the Grants that is proportional to the shortfall. For example, if at the cnd of the thirty-month period the capital investment is only $4,250,000 and only 218 jobs have been retained, the Company shall refund to the City fitly percent of the monies alloeatt.:o(J to capital investment ($140,000) and thirty-three pt.'fccnt of the monies allocated to employment ($92,400). SlIch repayment shall he dlle wid.ill thirty days of tile end date of tile tltirty-lIIonth period. Any monies repaid by the Company to the City hereunder shall be repaid by the City to VeDP and the Commission as appropriate. 6. The Company shall provide, at the Company's expense detailed verification reasonably satisfactory to the Commission of the Company's progress on the capital investment and employment goals contemplated herein. Such progress reports will be provided at twelve months and twenty-tour months from the date the Grant is received by the Company, and at such other timc(s) as Ule Commission or the City may require. 7. The Company acknowledges and agrees to the Repayment Obligation in accordance with the tcons of this Performance Agreement. 8. Any notict.."S required or pennitted under this agreement shall be given in 'writing, and shall he deemed to be received upon receipt or refusal after mailing of the same in the United States Mail by certified mail, postage fully pre-paid or by overnight courier (refusal shall mean return of certified mnil not accepted by the addressee):