Laserfiche WebLink
Cj66 <br />0 EXHIBIT D <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />The Project: Retrofitting of space and the cost of new machinery on <br />property leased by Red Wolf LLC on Boone Trail Road in Sanford, Lee <br />County, N.C. The Company will retrofit space and purchase new <br />machinery that will have a cumulative initial ad valorem taxable value <br />(prior to depreciation) of at least $6,303,000.00 and providing additional <br />employment. <br />2. The Incentive: Estimated cost of the financial incentives for the project <br />are: <br />Retrofit of a building and equipment $176,284.00 <br />City of Sanford $102,491.00 <br />Lee County $73,794.00 <br />This contract covers the City of Sanford'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 />$14,758.80 <br />January 15, 2012 <br />2012-2013 <br />$14,758.80 <br />January 15, 2013 <br />2013-2014 <br />$14,758.80 <br />January 15, 2014 <br />2014-2015 <br />$14,758.80 <br />January 15, 2015 <br />2015-2016 <br />$14,758.80 <br />January 15, 2016 <br />rI <br />L <br />24 of 27 <br />