Laserfiche WebLink
rv- <br />~5 <br />0 A'ITACIINIENT B <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR fLES'TRIC'1'IONS/CONDITIONS <br />The LCEDC will submit reports to the County as provided in Attachment C. <br />2- Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission of appropriate documents ofexpenditures- <br />3. Funds paid in accordance with this contract are to be used in accordance <br />with N.C. Gen. Stat. 158-7.1 and Attachments A and D of this contract to <br />help finance the Economic Development Program of the LCEDC in <br />participating in the cost of grading, extension of utilities and other site <br />preparation of a new administrative building by the Company. <br />4. Because substantially all of [he activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />shall not he subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Attachment "D" must be completed in such time <br />that the improvements on the ground the cumulative initial ad valorem <br />taxable value (prior to depreciation) by January 1, 2008 will total at least <br />$15,000,000.00 and by January 1, 2009 will total at least an additional <br />$35,000,000.00 for a total of at least $50,000,000.00 and will produce ad <br />valorem taxes in an amount of $1,823,716 payable to the County over the <br />next succeeding five (5) fiscal years and the industry will have paid to its <br />employees an average weekly wage as determined by current N.C. <br />Employment Security Commission criteria (that is not including benefits) <br />that equals or exceeds $15.77 per hour, or the recipient of the incentives <br />must make reimbursement of any deficiency in accordance with and <br />subject to the provisions of paragraph 3.c. of the Wyeth agreement. <br />• <br />12 of 16 <br />