2018-024 Master Economic Development Agreement between the City, PEDC and American Spiralweld Pipe

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A. Subject to subsection C. below, as incentive to American to increase its employment levels over the minimum 60 FTE positions required by this Performance Agreement, during the seven (7) year term beginning with in the First Year of Production, PEDC will pay the sum of $25,000.00 to American for each FTE position American adds over and above the minimum 60 FTE positions and maintains for a period of at least six (6) months. B. To request payment under this Section 3.5, American shall make a written request to PEDC accompanied by a copy of its payroll at the Paris Facility, including the last four (4) numbers of each employee's social security number, highlighting each employee over the minimum 60 employees who have been employed by American for at least six (6) months and for whom American seeks payment. American will also provide documentation showing the hours worked per week during the preceding six (6) month period for each such employee. After the first such request by American, American may make additional written requests for payment for newly added employees on a semi-annual basis by the same method, highlighting new employees added since the last request and for whom American seeks payment. Within 30 days of the PEDC's receipt of all the request documentation outlined above, the PEDC shall confirm American's eligibility for and make all incentive payments due and owing as to such request. C. The total amount that American is eligible to receive under this paragraph 3.5 is capped at $1,000,000.00. The cash payments are intended by the Parties to compensate American for adding FTE Positions and are not tied to individual employees. In no event will PEDC pay American for refilling a position already compensated for under this Section. 3.6 Rail Restoration The Parties acknowledge that a functioning rail line to the Facility is critical to the operation of the Facility, and they further recognize that both the Kiamichi Railroad and the PEDC-owned portions of a rail lead to the Property ("Rail Lead"), which is set forth more particularly on Exhibit F, requires significant reconstruction. A. PEDC and American shall work cooperatively in order to complete reconstruction of the Rail Lead in a timely manner. The PEDC and American agree to apportion the total expenses necessary to reconstruct the Rail Lead ("Total Rail Lead Reconstruction Expenses") as follows: 32300891 00 1