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6G <br />c- The project consists of the construction of a new Administrative <br />Building for Wyeth on property owned by Wyeth in Lee County <br />Industrial Park in Lee County, North Carolina, which will consist <br />of a building containing not less than 180,000 square feet and the <br />land, building and equipment will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least <br />$50.000.000.00 and will result in the retention and creation of a <br />substantial number of jobs. <br />d_ The Company presently intends to operate the project as an <br />administrative facility within the County until the County receives <br />the prospective tax revenues from the improvements to be <br />constructed on the property which were contemplated in arriving at <br />the consideration that is received pursuant to this Agreement. <br />U. The financial assistance being provided to the Company pursuant <br />to this agreement was significant in inducing the Company to <br />construct this Administration facility in the County. <br />f The Company has been informed and understands that <br />40 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 (Exhibits "A" and "B") <br />are incorporated by reference into this Agreement, where Wyeth has the <br />opportunity to cure any reporting deficiency of LCEDC prior to the <br />County taking action. <br />3. The Company agrees as follows: <br />a. To the terns of the agreement in Exhibit °A", to the extent it <br />describes obligations and performance to be undertaken by the <br />Company in the construction of an Administrative building. <br />b. To provide, upon request, to LCEDC good and sufficient, certified <br />and auditable, evidence of the Company's compliance with the <br />terns and conditions of this agreement and sufficient for LCEDC's <br />compliance with those agreements in Exhibit "A". <br />c. If the project as described in this Agreement and the attached exhibits <br />does not meet the standards for the incentive paid as set out in <br />Attachment "C" to Exhibit "A" which is hereto attached, that is to say: <br />11 <br />3of16 <br />