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0 9 0 <br />• <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />AGREEMENT FOR THE GRANT <br />OF CITY OF SANFORD FUNDS <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 />WITNESSETFI: <br />• <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Frontier Spinning LLC, a limited liability company located in the <br />City of Sanford, Lee County, North Carolina, for a project to consist of cost retrofitting <br />space and the cost of new machinery for the Company on property owned by it on Boone <br />Trail Road in the City of Sanford, Lee County, North Carolina, which will consist of <br />retrofitting space and equipment and will have a cumulative additional ad valorem <br />taxable value (prior to depreciation) of at least $10,000,000.00 and will provide new <br />employment; and <br />WHEREAS, the City proposes to appropriate fiords to pay said incentives as <br />follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$20,876.40 <br />January 15, 2012 <br />2012-2013 <br />$20,876.40 <br />January 15, 2013 <br />2013-2014 <br />$20,876.40 <br />January 15, 2014 <br />2014-2015 <br />$20,876.40 <br />January 15, 2015 <br />2015-2016 <br />$20,876.40 <br />January 15, 2016 <br />• <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 />