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013 <br />STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE <br />FUNDS FOR <br />COUNTY OF LEE ) PROJECT FLINT <br />THIS AGREEMENT, made and entered into this the day of , <br />by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and <br />corporate (hereinafter "County"), and PROJECT FLINT, a company with an office and place of <br />business in Sanford, North Carolina (hereinafter "Company"); <br />WITNESSETH: <br />WHEREAS, the Grant from the County to the Company is in the amount of $530,424.00, <br />(FIVE HUNDRED THIRTY THOUSAND, FOUR HUNDRED TWENTY-FOUR DOLLARS <br />DOLLARS) and has been negotiated and agreed to by the parties contingent upon the Company <br />entering into this Agreement and formal approval of the Grant by the Lee County Board of <br />Commissioners; and <br />WHEREAS, the Grant is to be used by the Company toward the goal of creating 15 <br />(FIFTEEN) New Jobs (hereinafter "New Jobs") at an average annual wage of $31,200 (THIRTY- <br />ONE THOUSAND TWO HUNDRED DOLLARS) and at least $28,000,000 (TWENTY-EIGHT <br />MILLION DOLLARS) in Taxable Investment (hereinafter "Taxable Investment") in connection <br />with the Company's manufacturing operations in Lee County; and <br />WHEREAS, the Grant is necessary to enable the job creation and taxable investment by <br />the Company in Lee County to occur and go forward; and <br />WHEREAS, the Grant will stimulate local economic activity, promote business, and <br />create a number of new jobs for the citizens of Lee County; and <br />WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local <br />Development Act, North Carolina General Statute §§ 158-7.1 through 7.4, including a public <br />hearing held on November 16, 2015; <br />NOW, THEREFORE, in consideration of the representations set forth herein and the <br />mutual covenants and promises set forth below, the Company agrees: <br />1. TERM. The term of this agreement shall begin upon execution in 2015 and <br />extend, unless sooner terminated pursuant to the provisions of the Agreement contained herein, <br />with anticipated annual incentive grant payments beginning March 15, 2016 and ending on <br />March 15, 2022. <br />2. PROJECT. The economic development project (hereinafter "Project") consists of <br />building renovations, new machinery and equipment to be installed in a manufacturing facility by <br />COMPANY in Sanford, Lee County, North Carolina, which will have a cumulative initial ad <br />valorem taxable investment (prior to depreciation) of at least $28,000,000 (TWENTY EIGHT <br />1 <br />Project Flint Incentive Agreement — 11.20.15 <br />