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050 <br />ATTACHMI NI" 13 <br />• TO AGRI EiMEN1 131-"I WI:{I N <br />COUNTY OF LIT? <br />AND <br />LEE COUNT Y ECONOMIC DEVELOPMI:;NT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDI"I'IONS <br />The LCI-DC will submit reports to the County as provided in Attachment C. <br />2. Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission of appropriate 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 Attachments A and D of this contract to <br />help finance the Economic Development Program of the LCEDC in <br />participating in the cost of grading, extension of utilities and other site <br />preparation of a new administrative building by the Company. <br />4. Because substantially all of the activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />Shall 1101 be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Attachment "D" must be completed in such time <br />that the improvements on the ground the cumulative initial ad valorem <br />taxable value (prior to depreciation) by January 1, 2008 will total at least <br />$1,630,000.00 and will produce ad valorem taxes in an amount of <br />$54,129.00 payable to the County 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 in accordance with and subject to the provisions of paragraph <br />3.c. of the Caterpillar agreement. <br />E <br />12 of 16 <br />