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0?3 <br />0 EXHIBIT D <br />-10 AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />The Project: Construction of additional space and the cost of new <br />machinery on property owned by Frontier Spinning LLC in Lee County. <br />N.C. The Company will construct at least a 70,000 square foot facility and <br />purchase new machinery that will have a cumulative initial ad valorem <br />taxable value (prior to depreciation) of at least $20,000,000.00 providing <br />employment for at least 40 people. <br />2. <br />County of Lee <br />Not in an Urban Progress Zone <br />• Real - $4,000,000 <br />Machinery - $16,000,000 <br />Jobs - 40 <br />Local Incentives <br />Real Machinery` <br />County County <br />95% _ $3,800.000 780/r _ $12,480,000 x $0.0075 = $93,600 <br />x $0.0075 Tax Rate 66% _ $10,560,000 x $0.0075 $79,200 <br />528.500 54% _ $8,640,000 x $0.0075 = $64,800 <br />x 5 Years 42% _ $6,720,000 x $0.0075 = $50,400 <br />$142.500 29% _ $4,640,000 x $0.0075 = $34,800 <br />$322,800 <br />$142,500 <br />$322,800 <br />$465,300 x 70% _ $325,710 <br />'Depreciation rates based on Dept, of Revenue 20078 year schedule for textile equipment <br />3. The Incentive: Estimated costs of the financial incentives for the project <br />are: <br />Site preparation $564,564.00 <br />Lee County's share $325,710.00 <br />City of Sanford's share $238,854.00 <br />• This contract covers the County of Lee's share of the incentives described above. <br />It is anticipated that the incentives will be paid out as follows: <br />14 of 27 <br />