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Boon 23 i'AGF a6'9 <br />EXHIBIT D <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />1. The Project: Installation of machinery on property owned by <br />Parkdale America, LLC on Boone Trail Road in Sanford, Lee <br />County, N.C. The Company will install machinery that will.have a <br />cumulative initial ad valorem taxable value (prior to depreciation) of <br />at least $2,500,000.00 providing additional employment. <br />2. The Incentive: Estimated cost of the financial incentives for the <br />project are: <br />Installation of Machinery <br />Lee County's share <br />City of Sanford's share <br />$59,824.00 <br />$34,781.00 <br />$25,043.00 <br />This contract covers the City of Sanford's share of the incentives <br />described above. It is anticipated that the incentives will be paid out as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$5,008.60 <br />January <br />15, 2012 <br />2012-2013 <br />$5,008.60 <br />January <br />15, 2013 <br />2013-2014 <br />$5,008.60 <br />January <br />15, 2014 <br />2014-2015 <br />$5,008.60 <br />January <br />15, 2015 <br />2015-2016 <br />$5,008.60 <br />January <br />15, 2016 <br />24 of 26 <br />