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848 <br /> <br />7. In the event that any new job created in accordance with this agreement, and for which <br /> incentives are paid by PEDC, is abolished, or created and later becomes vacant, or remains <br /> unfilled, pro rata return of the funds provided by PEDC shall occur. <br /> <br /> EXAMPLE: <br /> If the number of new employees falls from twelve (12) to five (5) for six (6) months during <br /> 2003 and then returns to one hundred percent (100%) new employment, i.e. twelve (12) <br /> new employees, the following formula will be used: <br /> <br /> $24,000.00 (funds provided by PEDC) -:36 months (guaranteed period that <br /> new jobs must be maintained) *12 employees (number of new jobs created <br /> up to that point) x 7 employees (number of jobs previously created but <br /> vacated) x 6 months (length of time number of employees fell below the <br /> number previously created and for which incentives were paid) <br /> <br />8. In the event that PCT fails to voluntarily return any and all incentives paid to it as required <br /> under paragraphs 6 and 7 of this agreement, and the PEDC is compelled to enforce such <br /> requirements by filing suit or seeking other legal remedies, PCT shall, upon a finding of <br /> default and obligation to pay, pay all costs incurred by the PEDC in such collection effort, <br /> including court costs and attorneys fees. <br /> <br /> EXECUTED on the 18th day of December, 2002. <br /> <br /> PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION <br /> <br /> By: <br /> Jay Guest, President <br /> <br />ATTEST: <br /> <br />Curtis Fendley, Secretary-Treasurer <br /> <br />APPROVED AS TO FORM: <br /> <br />Larry W. Schenk, City Attorney <br /> <br /> PARIS CUSTOM TRAILER <br /> <br /> By: <br /> Cleve Fendley, Owner <br /> <br /> Page 4 of 5 <br /> <br /> <br />