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| MCHP > SEC Filings for MCHP > Form 8-K on 11-Jun-2009 | All Recent SEC Filings |
11-Jun-2009
Entry into a Material Definitive Agreement, Financial Statements and Exh
On June 8, 2009, we received final approval from the state of Oregon and Multnomah County for an eight year extension of our Strategic Investment Program Contract dated as of August 15, 2002 (the "SIP") associated with our semiconductor manufacturing facility in Gresham, Oregon ("Fab 4"). The SIP was first effective for us on July 1, 2003, was scheduled to expire on June 30, 2010 and, as a result of the Amendment to the SIP dated June 8, 2009, has been extended to June 30, 2018. Fab 4 consists of an approximately 140-acre campus, buildings totaling approximately 826,500 square feet (including approximately 200,000 square feet of clean room space) and manufacturing equipment. We use the facility to manufacture semiconductors.
The SIP provides us with a partial property tax exemption on Fab 4. The SIP exemption requires us to pay property tax on the first $100,000,000.00 of assessed value of Fab 4; the $100,000,000.00 taxable base increases each year by three percent. To maintain the SIP, we must comply with certain requirements including:
? meeting certain minimum employment levels in each of the years covered by
the SIP; and
? complying with a first source hiring agreement regarding hiring of employees
at Fab 4.
A copy of the Amendment between us, Multnomah County, Oregon and the City of Gresham, Oregon is filed as Exhibit 10.1 to this report on Form 8-K.
(d) EXHIBITS.
10.1 Amended Strategic Investment Program Contract dated as of June 8, 2009 between Multnomah County, Oregon, City of Gresham, Oregon and Microchip Technology Incorporated.
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