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0 4 8 <br />® c. The project consists the construction of a manufacturing <br />facility by Score Energy on property owned by it in the City of <br />Sanford, Lee County, North Carolina, which will consist of a <br />building containing not less than 18,000 square feet and the <br />land, building and equipment will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least <br />$2,500,000.00. <br />d. The Company presently intends to operate the project as an <br />industrial facility within the City and County until the City and <br />County receive the prospective tax revenues from the <br />improvements to be constructed on the property which were <br />contemplated in arriving at the consideration that it receives <br />pursuant to this Agreement. <br />e. The Company hereby certifies that without the incentives <br />provided by the LCEDC based upon the Economic <br />Development Investment Guidelines adopted by the City and <br />the County, it would not site this project in the City or County. <br />f. The Company has been informed and understands that <br />reimbursement will be made only for expenditures for work <br />® performed on or after the execution of this document. <br />2. The agreements between LCEDC and the County and City (Exhibits <br />"A" and "B") are incorporated by reference into this Agreement. <br />3. The Company agrees as follows- <br />a. To comply fully with the terms of those agreements as they <br />describe obligations and performance to be undertaken by the <br />Company. <br />b. To provide to LCEDC good and sufficient, certified and <br />auditable, evidence of the Company's compliance with the <br />terms and conditions of this agreement and sufficient for <br />LCEDC's compliance with those agreements. <br />G. If the project as described in this Agreement and the attached <br />exhibits does not meet the standards for the incentive paid as <br />set out in Exhibit "C", which is hereto attached, by the <br />Company, that is to say: <br />i. If the amount of ad valorem taxes paid to the City and <br />County for the intervening fiscal years from the date of <br />this agreement and which are attributable to this project <br />has not been sufficient to pay the County the <br />anticipated goal of double the amount of incentives <br />3 of25 <br />