HomeMy WebLinkAboutC.054.93009_1687 (2)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 forjob 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 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 lump 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 first
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.
(i) in determining whether a company will qualify, the County Commissioners will review its
application and first determine that its plants, processes and products will be environmentally acceptable,
that adequate water, sewer and other utilities are available or can be readily made available, that it will
not be detrimental to the quality of life in the area, will not engage in the handling, storage or treatment
of hazardous waste or low-level nuclear waste, and is not operated for any immoral or illegal purpose;
G) A qualifying company that certifies within five years of its original application for education and
job training benefits hereunder that it has increased its tax base investment by twenty-fiivepercent (25%)
or more of the initial qualifying amount ($25,000,000) shall be eligible to apply for additional education
and job training benefits;
(k) Sums due hereunder for job training and education benefits shall be reduced by any other
funds received by the qualifying company from the County for water, sewer, or other incentive benefits;
(1) Mitchell Community College will act as the disbursing agent for Iredell County. Requests for
disbursements pursuant to the program created hereby will be accompanied by sufficient documentation
to allow Mitchell Community College to determine that the qualifying company meets the total investment
requirement and the investment per employee ratio. Disbursement will be made only upon receipt of