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0 7 6 <br />• c. The project consists of the cost of retrofitting space and the cost of <br />new machinery for the Frontier Spinning LLC on property owned <br />by it in the City of Sanford, Lee County, North Carolina, the <br />building and equipment will have a cumulative additional ad <br />valorem taxable value (prior to depreciation) of at least <br />$10,000,000.00 and will provide new employment. <br />d. The Company presently intends to operate the project as an <br />industrial facility within the City and County until the City and <br />County receive the prospective tax revenues from the <br />improvements on the property which were contemplated in arriving <br />at the consideration that it receives pursuant to this Agreement. <br />e. The Company hereby certifies that without the incentives provided <br />by the LCEDC based upon the Economic Development Incentive <br />Policy adopted by the City and County, it would not site this <br />project in the City or County, <br />f The Company has been informed and understands that <br />reimbursement will be made only for expenditures for work <br />performed on or after the execution of this document. <br />2. The agreements between LCEDC and the County and City (Exhibits "A" <br />and "B") are incorporated by reference into this Agreement. <br />3. The Company agrees as follows: <br />a. To comply fully with the terms of those agreements as they <br />describe obligations and performance to be undertaken by the <br />Company. <br />b. To provide to LCEDC good and sufficient, certified and auditable, <br />evidence of the Company's compliance with the terms and <br />conditions of this agreement and sufficient for LCEDC's <br />compliance with those agreements. <br />C. If the project as described in this Agreement and the attached <br />exhibits does not meet the standards for the incentive paid as set <br />out in Exhibit "C" which is hereto attached, by the Company, that <br />is to say: <br />i. If the amount of ad valorem taxes paid to the County and <br />City for the intervening fiscal years from the date of this <br />• agreement and which are attributable to this project has not <br />been sufficient to pay the County the anticipated goal of <br />double the amount of incentives paid from County funds, <br />3 of 27 <br />