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C 5 8 <br />EXHIBIT B <br />® TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />C. <br />1. The LCEDC will submit reports to the County as provided in Exhibit <br />2. Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in <br />accordance with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this <br />contract to help finance the Economic Development Program of the <br />LCEDC in participating in the cost of grading, extension of utilities <br />and other site preparation of a new manufacturing plant by the <br />Company. <br />4. Because substantially all of the activities of LCEDC are expected to <br />be of the nature that would be held in executive or closed session, <br />the LCEDC shall not be subject to Article 33C of Chapter-143-of the <br />Ndrth Cardlina General Statutes. <br />\`I <br />5. The project described in Exhibit "D" must be completed in such time <br />that the improvements on the ground the cumulative initial ad <br />valorem taxable value (prior to depreciation) by January 1, 2010 will <br />total at least $2,500,000.00 and will produce ad valorem taxes in an <br />amount of $38,681.00 payable to the County over the next <br />succeeding five (5) fiscal years and the industry will have paid to its <br />employees an average weekly wage as determined by current N.C. <br />Employment Security Commission criteria (that is not including <br />benefits) that equals or exceeds $15-50 per hour, or the recipient of <br />the incentives must make reimbursement of any deficiency. <br />13 ot'25 <br />