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n6G <br />• EXHIBIT B <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />1. The LCEDC will submit reports to the City as provided in Exhibit C- <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 extension of utilities and other site <br />preparation of a metal machining plant by Score Energy. <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 />North Carolina General Statutes. <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 $56,732.00 payable to the City over the next succeeding <br />five (5) fiscal years and the industry will have paid to its employees <br />an average weekly wage as determined by current N.C. Employment <br />Security Commission criteria (that is not including benefits) that <br />equals or exceeds $15.50 per hour, or the recipient of the incentives <br />must make reimbursement of any deficiency. <br />• <br />21 of25 <br />