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064 <br />0 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 accordance <br />with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this contract to help <br />finance the Economic Development Program of the LCEDC in <br />participating in the retrofitting of a manufacturing plant leased by Red <br />Wolf LLC. <br />4. Because substantially all of the activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that <br />the improvements on the ground the cumulative initial ad valorem taxable <br />value (prior to depreciation) by January 1, 2011 will total at least <br />$6,303,000.00 and will produce ad valorem taxes in an amount of <br />$147,588.00 payable to the City over the next succeeding five (5) fiscal <br />years and the industry will have paid to its employees an average weekly <br />wage as determined by current N.C. Employment Security Commission <br />criteria (that is not including benefits) that equals or exceeds $15.50 per <br />hour, or the recipient of the incentives must make reimbursement of any <br />deficiency. <br />11 <br />22 of 27 <br />