HomeMy WebLinkAboutC.054.93011_1338 (2)WHEREAS, the Board has held two public hearings concerning the proposed application for Community
Development Block Grant funding to benefit Pratt Industries; and,
WHEREAS, the Board wishes the County to pursue a formal application for Community Development
Block Grant funding for $680,000 to benefit Pratt Industries; and will invest monies into the project as
committed to in the application totaling $180,000 in local funds and 547,500 in a Economic Infrastructure
Program grant,
NOW, THEREFORE BE IT RESOLVED, by the Iredell County Board of Commissioners that Iredell
County is authorized to submit a formal application to the North Carolina Department of Commerce for
approval of a Community Development Block Grant for Economic Development to benefit Pratt
Industries.
LEGALLY BINDING COMMITMENT
STATE OF NORTH CAROLINA
Iredell County, North Carolina
and
Jet Corr, Inc.
PUBLIC FACILITIES AGREEMENT
THIS AGREEMENT (the "Agreement") is entered into as of the 1 st day of August 2006, by and
between Jet Corr, Inc., doing business as Pratt Industries, a corporation authorized to transact business
within the State of North Carolina (hereinafter referred to as the "Corporation") and Iredell County, North
Carolina (hereinafter referred to as the "Applicant"). This Agreement will not become effective until all
conditions placed upon the Applicant's funding approval are satisfied and funds are released by the
Department of Commerce (hereinafter "DOC") pursuant to a Community Development Block Grant
(hereinafter "CDBG") with the Applicant.
WITNESSETH
WHEREAS, the Applicant anticipates receiving a Community Development Block Grant from
the Department of Commerce in the amount of $680,000.00 to be used primarily to benefit low to
moderate -income persons by financing the economic development project to be undertaken by the
Applicant and the Corporation (the "Project").
NOW, THEREFORE, in consideration of the promised and the mutual covenants and promises
set forth herein, the Corporation and the Applicant hereby agree as follows:
I. AGREED ACTIONS
A. The Corporation shall execute its responsibilities as identified in Corporation's narrative exhibits and
the employment profiles contained in the Applicant's CDBG application to DOC. Those exhibits and
commitments are incorporated herein by reference, as if set out in full. The Corporation agrees to build
and operate the Project in a timely manner. Briefly, those documents describe the expansion of the
Corporations operations with the construction of new 300,000 square foot facility (the "Facility") in the
West Farms Industrial site on NC Highway 90 in Iredell County, North Carolina (the "County"). On
September 20, 2005, the Corporation confirmed that it currently had continuing operations in the County
which employ 112 people and they commit to employ 68 additional people by July 31, 2008. DOC has
allowed that the Corporation may begin the hiring process that will qualify toward the job commitment
effective September 20, 2005. In addition, the Corporation commits to employ persons whose household
income is within low to moderate -income limits in sixty percent (60%) of all jobs created at the
Corporation's Facility until the grant is closed by DOC. The Corporation agrees that if it fails to create
and maintain 68 jobs prior to July 31, 2008, it will reimburse DOC $10,000.00 for each job not created.
The Corporation also agrees that if at the end of the grant agreement the number of prior low to moderate -
income people employed at the Facility falls below fifty one percent (51%) of the total employment at the
Facility, the entire grant amount will be due and payable to DOC by the Corporation. The Corporation's
liability under this Agreement shall not exceed the dollar amount of the grant made by the Department of
Commerce. If unforeseen calamity, an Act of God or financial disaster is the cause of action under this
section of the Agreement, the Corporation and the Applicant may appeal to DOC for an extraordinary
modification of this responsibility. Such modification shall be at the discretion of the Secretary of the
Department of Commerce. The requirement that persons of low to moderate income must hold a
minimum of fifty-one percent (51 %) of all jobs created cannot be waived.
B. Each party shall keep and maintain books, records, and other documents relating directly to the receipt
and disbursement of grant funds and fulfillment of this Agreement.
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