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2012-229
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Last modified
1/7/2016 2:10:02 PM
Creation date
10/1/2015 4:51:44 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/18/2012
Control Number
2012-229
Agenda Item Number
13.A.
Entity Name
Piper Aircraft Inc.
Subject
Amendment No.1 Closing Fund Agreement
Supplemental fields
SmeadsoftID
11642
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(d) In any year (determined as of December 31 , 2012 , 20139 2014 and 2015) <br /> the Closing Fund Awardee does not achieve its FTE job-maintenance commitment of 600, <br /> Closing Fund Awardee shall be required to pay the County the sum of $ 500, 000, plus interest, as <br /> determined in Paragraph 10 . 0(g) of this Agreement, on the amount repaid. <br /> (e) In any year (determined as of December 31 , 2012, 2013 , 2014 and 2015) <br /> the average wage falls below the average wage required by Paragraph 5 . 0(b)(3 ) of this <br /> Agreement, the Closing Fund Awardee shall pay the County the sum of $ 500,000, plus interest, <br /> as determined in Paragraph 10 . 0(g) of this Agreement, on the amount repaid. <br /> (f) In any year (determined as of December 31 , 2012 , 2013 , 2014 and 2015) <br /> the Closing Fund Awardee fails to maintain, to the extent commercially reasonably, the location <br /> of the capital investment (such as tooling, equipment, and facility and infrastructure <br /> improvements) in Indian River County required by Paragraph 7 . 0(c) of this Agreement, the <br /> Closing Fund Awardee shall pay the County the sum of $ 500,000, plus interest, as determined in <br /> Paragraph 10. 0(g) of this Agreement, on the amount repaid. <br /> (g) The interest rate shall be determined by the annualized average interest <br /> rate earned by the County on funds invested by the County (schedule to be provided by the <br /> County) on December of the year in which the performance standard was not met by the <br /> Awardee. Additionally, the same interest penalty may be imposed for any period for which the <br /> required performance report is overdue, or during which period the Closing Fund Awardee, after <br /> being notified by County in writing of any inadequacies in the performance report and/or the <br /> supporting documentation and being provided a 60-day period to cure any such inadequacies, has <br /> failed to correct the specified inadequacies . Interest shall be calculated from the last date of the <br /> quarter with respect to which it is determined that the performance standard was not met. <br /> 7 <br />
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