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BOOK <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />2`? PAL1262 <br />AGREEMENT FOR THE GRANT <br />OF CITY OF SANFORD FUNDS <br />THIS GRANT AGREEMENT, made and entered into as of the <br />day of 2010, by and between the City of Sanford, a municipal <br />corporation of the State of North Carolina (hereinafter referred to as the "CITY"), <br />and Lee County Economic Development Corporation, a North Carolina non-profit <br />corporation (hereinafter referred to as 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 the City of Sanford, Lee County, North Carolina, for a project to <br />consist of installing machinery for the Company on property owned by it at 1921 <br />Boone Trail Road in the City of Sanford, Lee County, North Carolina, and will <br />have a cumulative additional ad valorem taxable value (prior to depreciation) of <br />at least $2,500,000.00 and will provide additional employment; and <br />WHEREAS, the City proposes to appropriate funds to pay said incentives <br />as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$5,008.60 <br />January 15, 2012 <br />2012-2013 <br />$5,008.60 <br />January 15, 2013 <br />2013-2014 <br />$5,008.60 <br />January 15, 2014 <br />2014-2015 <br />$5,008.60 <br />January 15, 2015 <br />2015-2016 <br />$5,008.60 <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 CITY funds in accordance <br />with the Budget for said funds attached hereto which is incorporated herein by <br />reference. Funds made available to the LCEDC pursuant to this Agreement <br />shall be expended only in accordance with the applicable federal, state, and local <br />laws. No change or alteration in the amount of the total Budget attached may be <br />made without the express approval of the City Council if the CITY amount <br />changes. The Budget detail or total Budget may be amended with the approval <br />of the City Manager, within the CITY funds made available by this Agreement. <br />17 of 26 <br />