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052 <br />ATTACH MFAT U <br />• TO AGR[i17M1;N1'13E"fWl:aiN <br />COUNTY OF LEli <br />AND <br />IT COIJN"fY ECONOMIC DEVI3LOPMGN"I'CORPORA"I'ION <br />DESCRIPTION OF PROJECTAND INCENTIVES <br />The Project: Retrofitting of a building and purchase of new machinery by <br />Caterpillar in Lee County Industrial Park, Lee County= N.C. The <br />Company will construct at (cast a 50,000 square foot facility and will have <br />a cumulative initial ad valorem taxable value (prior to depreciation) of at <br />least $1,630,000.00 and will result in the retention and creation of6 jobs. <br />2. <br />Lee County <br />Not in an Urban Progross Zone <br />Real - $1.236,000 <br />'Machinery - $396,000 <br />Jobs- 6 <br />real Incentives <br />• <br />Real Machinery <br />N <br />Co. C.un <br />95%= $1.n3,230 90%= $355,500 x8000)5= <br />52,666 <br />x SO 00151axrale 81%= $319950 xS00075= <br />52400 <br />$8,199 68%= $268,600 x$000]5= <br />$2015 <br />x 5 Years 51% _ $225,150 a 500015 = <br />S1,689 <br />$43991 46%= $181700 xSo 0075= <br />51,363 <br />$10,132 <br />$43,991 x 50% = $21998 <br />$10,132 x 50% = <br />$5066 <br />Local Incentives (County) <br />Real $2199844. <br />Machinery 55.06588. - <br />'TOTAL S21,064.31 <br />3. <br />The Incentive: I stimatcd costs of the financial incentives <br />for the project <br />are, <br />Site preparation $27,064 <br />Lee County's share $27,064 <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 />FISCAL YEAR AMOUNT PAYMENT DATE <br />• 2008-2009 $9,021 January 15, 2009 <br />2009-2010 $9,021 January 15, 2010 <br />2010-2011 $9,022 January 15, 2011 <br />14 of 16 <br />