HomeMy WebLinkAboutC.054.93009_1331 (2)boo
NOW, THEREFORE, WE RESOLVE:
1. There is hereby created an Industrial Training and Education
Program to be operated by Mitchell Community College to be
known as "The Iredell industrial Training Program."
2. There is hereby appropriated to The Iredell Industrial Training
Program the sum of One Hundred Fifty Thousand Dollars
($150,000.00) per year for each of the next five fiscal years.
3. Eligibility for participation in The Iredell Industrial
Training Program shall be upon the following:
(a) A qualifying company must add at least $25,000,000 to the
tax base of Iredell County, through its investment in real and
personal property, including those properties leased from
third parties, and must employ at least 100 people. If,
during construction and start-up, the added value is less than
$25,000,000, or the number of people employed is less than
100, the qualifying company may earn credits for job training
and education based on the actual tax base, but will not
receive reimbursement until all thresholds are reached;
(b) A qualifying company must be involved in production
processes and techniques which require employment skills not
readily available in the work force in Iredell County; and
must certify that it has employed at least 100 persons;
(c) A qualifying company must have an investment -to -employee
ratio of at least $75,000.00 per employee;
(d) A qualifying company will be eligible to receive training
funds up to $1,125.00 per year per employee, or a maximum
total of $112,500.00 in any one year, plus any amount earned
but unused during the proper qualifying year, and a maximum
Jump sum of $562,500.00 over a five-year period, commencing
with the first qualifying year. All sums due hereunder shall
be paid at the end of the calendar year with the first payment
to be at the end of the first calendar year in which the
qualifying company listed property for ad valorem tax of a
value of $25,000,000;
(a) Funds available under this program will be available only
for jobs located in Iredell County;
(f) Funds available under this program will be used to
supplement (and not supplant) funds available through the new
industry training program of the North Carolina Department of
Commerce, administered by the North Carolina Department of
Community Colleges;
(g) Funds will be available to qualifying companies in the
order in which the companies qualify. Once qualified, a
company will be eligible for participation for a maximum of
five years. Training expenses incurred by a qualified company
in one year which are in excess of the maximum amount
allowable as reimbursement hereunder may be carried over to
subsequent years;
(h) In the event the program created hereby is terminated or
modified after a company is qualified and approved, that
company will be deemed to be vested for the benefits created
hereunder and shall continue to receive the training benefits
created hereby for so long as it remains eligible and for so
long as the disbursement of funds for the program created
hereby has not been declared unlawful and the County's right
to appropriate funds to the program has not been invalidated.