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016 <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />AGRI~EMEN"I' FOR TIME GRAN"F <br />OF COUNTY OF LEE FUNDS <br />I HIS GRAND AGREEMENT. made and entered into as of the day of <br />2007. by and between the Couny' of Lcc, one of the counties of the State of <br />North Carolina and a body both politic and corporate (hereinafter referred to as the <br />"COUNTY"),. and Lee County Economic Development Corporation, a North Carolina <br />non-profit corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETI I <br />E <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Frontier Spinning LLC, a limited liability company located in Lee <br />County, North Carolina, for a project to consist of the cost of construction of additional <br />space and the cost of new machinery for the Company on property owned by it in Lee <br />County_ North Carolina, which will consist of a building containing not less than 70,000 <br />square feet and the land, building. and equipment will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least $20,000,000.00 and will provide <br />new employment for at least 40 people, and <br />WHEREAS, the County proposes to appropriate funds to pay said incentives as <br />follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2008-2009 <br />$65,142. <br />00 <br />January 15, 2009 <br />2009-2010 <br />$65,142. <br />00 <br />January 15, 2010 <br />2010-2011 <br />$65,142. <br />00 <br />January 15, 2011 <br />2011-2012 <br />$65,142. <br />00 <br />January 15, 2012 <br />2012-2013 <br />$65,142. <br />00 <br />January 15, 2013 <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 COUNTY 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 Board of Commissioners if the COUNTY <br />amount changes. The Budget detail or total Budget may be amended with the approval of <br />the County Manager, within the COUNTY funds made available by this Agreement. <br />7 of 27 <br />