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012 <br />C. The project consists of the cost of construction of additional space <br />and the cost of new machinery for the Frontier Spinning LLC on <br />property owned by it in the City of Sanford, Lee County, North <br />Carolina, which Witt consist of constructing a building containing <br />not less than 70,000 square feet and the land. building and <br />equipment will have a cumulative initial ad valorem taxable value <br />(prior to depreciation) of at least 520.000,000.00 and will provide <br />new employment for at least 40 people. <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 to be constructed on the property which were <br />contemplated in arriving at the consideration that it receives <br />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 LCIDC and the County and City (Exhibits "A" <br />and "13") are incorporated by reference into this Agreement. <br />3. The Company agrees as lot lows: <br />a. To comply fully with the terns 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 terns 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" (incentive policy) which is hereto attached, by <br />the Company, that 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 />3 of 27 <br />