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045 <br />S"TATI-OF NOR"TI I CAROLINA ) AGRfiI::MLN f I:OR l-I Ili GRANT <br />OF COUNTY OF LIL FUNDS <br />COUNTY OF LEE J <br />THIS GRANT AGREEMENT, made and entered into as of the day of <br />2007, by and between the County of Lce, one of the counties of the State of <br />North Carolina and a hodv both politic and corporate (hereinalter referred to as the <br />"COUNTY`). and Lee County Economic Development Corporation, a North Carolina <br />non-prolit corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETI I: <br />WHEREAS, I.CLDC has requested funds for incentives for an economic <br />development project by Caterpillar, a corporation located in Lee County, North Carolina, <br />for a project to consist of the retrofitting of 'a building and purchase of new equipment by <br />the Company on property owned by it in Lee County Industrial Park in Lee County. North <br />Carolina, which will consist ol'a building containing not less than 50.000 square feet and <br />the land. building, and equipment will have a cumulative initial ad valorem taxable value <br />(prior to depreciation) of at least 51,63000.00 and will result in the retention and <br />creation ol'6jobs; and <br />WHEREAS. the County proposes to of <br />follows: <br />FISCAL YEAR AMOUNT <br />2008-2009 $9,021.44 <br />2009-2010 $9.021.44 <br />2010-2011 $9,021.44 <br />,propriate funds to pay said incentives as <br />PAYMENT DATL <br />January 15, 2009 <br />January 15, 2010 <br />January 15, 2011 <br />NOW, THLREFORI, 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 />• <br />7of16 <br />