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BOCK <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />23 i,ASf 252 <br />AGREEMENT FOR THE GRANT <br />OF COUNTY OF LEE FUNDS <br />THIS GRANT AGREEMENT, made and entered into as of the <br />day of 2010, by and between the County of Lee, one of the counties <br />of the State of North Carolina and a body both politic and corporate (hereinafter <br />referred to as the "COUNTY"), and Lee County Economic Development <br />Corporation, a North Carolina non-profit corporation (hereinafter referred to as <br />the "LCEDC); <br />WITNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Parkdale America, LLC, a limited liability company <br />located in Lee County, North Carolina, for a project to consist of installing <br />machinery for the Company on property owned by it at 1921 Boone Trail Road in <br />Lee County, North Carolina, which will consist of installing equipment which will <br />have a cumulative initial ad valorem taxable value (prior to depreciation) of at <br />least $2,500,000.00 and will provide additional employment; and <br />WHEREAS, the County proposes to appropriate funds to pay said <br />incentives as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$6,956.20 <br />January 15, 2012 <br />2012-2013 <br />$6,956.20 <br />January 15, 2013 <br />2013-2014 <br />$6,956.20 <br />January 15, 2014 <br />2014-2015 <br />$6,956.20 <br />January 15, 2015 <br />2015-2016 <br />$6,956.20 <br />January 15, 2016 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby <br />agree as follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are <br />the subject of this Agreement and perform services in consideration of the <br />receipt of funds in accordance with the purposes and/or under the restrictions <br />and conditions as attached to this Agreement and incorporated herein by <br />reference. The LCEDC further agrees to expend the COUNTY funds in <br />accordance with the Budget for said funds attached hereto which is incorporated <br />herein by reference. Funds made available to the LCEDC pursuant to this <br />Agreement shall be expended only in accordance with the applicable federal, <br />state, and local laws. No change or alteration in the amount of the total Budget <br />attached may be made without the express approval of the Board of <br />Commissioners if the COUNTY amount changes. The Budget detail or total <br />7 of 26 <br />