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056 <br />0 EXHIBIT D <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />1. The Project: Retrofitting of space and the cost of new machinery on <br />property leased by Red Wolf LLC in Lee County, N.C. The Company will <br />retrofit space and purchase new machinery that will have a cumulative <br />initial ad valorem taxable value (prior to depreciation) of at least <br />$6,303,000.00 providing additional employment. <br />2. The Incentive: Estimated costs of the financial incentives for the project <br />are: <br />Building and Equipment $176,284.00 <br />• Lee County's share $102,491.00 <br />City of Sanford's share $73,794.00 <br />This contract covers the County of Lee's share of the incentives described above. <br />It is anticipated that the incentives will be paid out as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$20,498.20 <br />January 15, 2012 <br />2012-2013 <br />$20,498.20 <br />January 15, 2013 <br />2013-2014 <br />$20,498.20 <br />January 15, 2014 <br />2014-2015 <br />$20,498.20 <br />January 15, 2015 <br />2015-2016 <br />$20,498.20 <br />January 15, 2016 <br />• <br />14 of 27 <br />