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097 <br />0 EXH1131T D <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />1. The Project: Construction of additional space and the cost of new <br />machinery on property owned by Frontier Spinning LLC on Boone Trail <br />Road in Sanford, Lee County, N.C. The Company will retrofit space and <br />purchase new machinery that will have a cumulative initial ad valorem <br />taxable value (prior to depreciation) of at least $10,000,000.00 providing <br />additional employment. <br />2. The Incentive: Estimated cost of the financial incentives for the project <br />are: <br />Retrofit of a building and equipment $249,357.00 <br />City of Sanford $144,975.00 <br />Lee County $104,382.00 <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 />$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 />n <br />24 of 27 <br />