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BOOK 23 i)a F ?48 <br />C. The project consists of the installation of machinery for <br />Parkdale America, LLC on property owned by it at 1921 <br />Boone Trail Road in the City of Sanford, Lee County, North <br />Carolina, the equipment will have a cumulative additional ad <br />valorem taxable value (prior to depreciation) of at least <br />$2,500,000.00 and will provide additional employment. <br />d. The Company presently intends to operate the project as an <br />industrial facility within the City and County until the City and <br />County receive the prospective tax revenues from the <br />improvements on the property which were contemplated in <br />arriving at the consideration that it receives pursuant to this <br />Agreement. <br />e. The Company hereby certifies that without the incentives <br />provided by the LCEDC based upon the Economic <br />Development Incentive Policy adopted by the City and <br />County, it would not site this project in the City or County. <br />f. The Company has been informed and understands that <br />reimbursement will be made only for expenditures for work <br />performed on or after the execution of this document. <br />2. The agreements between LCEDC and the County and City <br />(Exhibits "A" and "B") are incorporated by reference into this Agreement. <br />3. The Company agrees as follows: <br />a. To comply fully with the terms of those agreements as they <br />describe obligations and performance to be undertaken by <br />the Company. <br />b. To provide to LCEDC good and sufficient, certified and <br />auditable, evidence of the Company's compliance with the <br />terms and conditions of this agreement and sufficient for <br />LCEDC's compliance with those agreements. <br />C. If the project as described in this Agreement and the <br />attached exhibits does not meet the standards for the <br />incentive paid as set out in Exhibit "C" which is hereto <br />attached, by the Company, that is to say: <br />If the amount of ad valorem taxes paid to the County <br />and City for the intervening fiscal years from the date <br />of this agreement and which are attributable to this <br />project has not been sufficient to pay the County the <br />3 of 26 <br />