Laserfiche WebLink
03]. <br />0 EXHIBIT 13 <br />TO AGR13Ei`4EN1 131 TWFI--'N <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />The LCI:iDC will submit reports to the City as provided in Exhibit C. <br />2. Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission ofappropriate documents of-expenditures. <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 Exhibits A and D of this contract to help <br />finance the Economic Development Program of the LCEDC in <br />participating in the extension of utilities and other site preparation of a <br />plastic molding manufacturing plant by Frontier Spinning LLC. <br />4. Because substantially all of the activities of LCI?DC are expected to be of <br />the nature that would be held in executive or closed session. the LCEDC <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that <br />the improvements on the ground the cumulative initial ad valorem taxable <br />value (prior to depreciation) by January t, 2008 will total at least <br />$20;000,000.00 and will produce ad valorem taxes in an amount of <br />$341,220.00 payable to the City over the next succeeding five (5) fiscal <br />years and the industry will have paid to its employees an average weekly <br />wage as determined by current N.C. Employment Security Commission <br />criteria (that is not including benefits) that equals or exceeds $14.53 per <br />hour, or the recipient of the incentives must make reimbursement of any <br />deficiency. <br />• <br />22 of 27 <br />