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059 <br />• STATE OF NORTH CAROLINA ) AGREEMENT FOR THE GRANT <br />OF CITY OF SANFORD FUNDS <br />COUNTY OF LEE ) <br />THIS GRANT AGREEMENT, made and entered into as of the day of <br />, 2009, by and between the City of Sanford, a municipal corporation of the <br />State of North Carolina (hereinafter referred to as the "CITY"), and Lee County <br />Economic Development Corporation, a North Carolina non-profit corporation <br />(hereinafter referred to as the "LCEDC"); <br />WItNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Red Wolf LLC, a limited liability company located in the City of <br />Sanford, Lee County, North Carolina, for a project to consist of cost retrofitting space and <br />the cost of new machinery for the Company on property leased by it on Boone Trail Road <br />in the City of Sanford, Lee County, North Carolina, which will consist of retrofitting <br />space and equipment will have a cumulative initial ad valorem taxable value (prior to <br />depreciation) of at least $6,303,000.00 and will provide new employment; and <br />WHEREAS, the City proposes to appropriate <br />follows: <br />FISCAL YEAR AMOUNT <br />2011-2012 $14,758.80 <br />2"vf2-2Vi3 <br />a r4,758.8v <br />2013-2014 $14,758.80 <br />2014-2015 $14,758.80 <br />2015-2016 $14,758.80 <br />finds to pay said incentives as <br />PAYMENT DATE <br />January 15, 2012 <br />January 15, 2013 <br />January 15, 2014 <br />January 15, 2015 <br />January 15, 2016 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby agree <br />as follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are the <br />subject of this Agreement and perform services in consideration of the receipt of funds in <br />accordance with the purposes and/or under the restrictions and conditions as attached to <br />this Agreement and incorporated herein by reference. The LCEDC further agrees to <br />expend the CITY funds in accordance with the Budget for said funds attached hereto <br />which is incorporated herein by reference. Funds made available to the LCEDC pursuant <br />to this Agreement shall be expended only in accordance with the applicable federal, state, <br />and local laws. No change or alteration in the amount of the total Budget attached may be <br />• made without the express approval of the City Council if the CITY amount changes. The <br />Budget detail or total Budget may be amended with the approval of the City Manager, <br />within the CITY funds made available by this Agreement. <br />17 of 27 <br />