2001-02-14-Minutes - Laserfiche WebLink

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597 4. In return for the consideration described in Paragraphs 1, 2, and 3 hereof, PEDC agrees to provide Two Thousand and no/100 Dollars ($2,000.00) for each new, permanent, full-time (or equivalent) job created as a result of the expansion in excess of the sixteen (16) jobs already in existence at the time negotiations first began, not to exceed twenty (20) additional jobs in excess of the initial sixteen (16) provided herein, for a total incentive not to exceed Forty thousand and no/100 dollari ($40,000.00). All jobs created to receive the PEDC incentive shall be located at the AGPRO facility at F.M. 1508 in Paris, Texas. Such new, permanent jobs shall be created not later than November 3, 2003, and must be at the AGPRO facilities at F.M. 1508 in Paris, Texas for a period of five (5).years from the date of this agreement. For purposes of this agreement, a full-time job shall be one in which the employee works a minimum of forty (40) hours in a seven (7) day work week, fifty- two (52) weeks per year, less holidays, sick leave, and vacation. Incentive payments for such new, permanent jobs shall be made upon the presentation by AGPRO to the PEDC of its Texas Workforce Commission Employer's Quarterly Reports. These reports must be presented to the PEDC within thirty (30) days of the day AGPRO begins construction, and these reports shall begin with the sixteen (16) jobs as mentioned above and continue up to the date construction began. Thereafter, AGPRO shall continue to provide the PEDC with a copy of its Texas Workforce Commission Employer's Quarterly Report within thirty (30) days of its filing of the same with the Texas Workforce Commission to evidence the continued existence of such new jobs and to evidence additional jobs created for additional incentive payments from the PEDC. PEDC agrees to pay the incentive payments within sixty (60) days of receipt of copies of the Texas Workforce Commission Employer's Quarterly Report. 5. AGPRO agrees that the PEDC, its agents and employees, shall have the reasonable right of access to records concerning AGPRO's investment in the improvements for the purpose of conducting an audit of the project improvements and project costs. Any such audit shall be made only after giving AGPRO notice at least fourteen (14) days in advance and will be conducted in such a manner as to not unreasonably interfere with the operation of the facility. Upon request, AGPRO will provide the PEDC with a detailed Asset Report with an itemized list of assets placed into service from the date of execution of this Agreement to February 13, 2004. The Asset Report will provide the date on which the asset was capitalized, the acquisition amount, and the accumulated depreciation amount. At the PEDC' s request, AGPRO will provide actual invoices to support the amounts shown on the Asset Report. 6. AGPRO further agrees that the PEDC, its agents and employees, shall have reasonable fight of access to the property to inspect the improvements in order to insure that the construction of the improvements are in accordance with this Agreement and all applicable state and local laws and regulations or valid waiver thereof. After completion of the improvements, the PEDC shall have the continuing