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<br />7. <br /> <br />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. <br /> <br />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 /> <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 /> <br />Cleve Fendley, Owner <br /> <br />Page 4 of 5 <br />