Agenda - 1-3-17 Reg. Meeting - Laserfiche WebLink

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LW STATE OF NORTH CAROLINA COUNTY OF LEE AGREEMENT REGARDING FUNDS FOR PROJECT SEAL 1)2 ,7 This Agreement, made and entered into this day of , by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate (hereinafter referred to as "County") and PROJECT SEAL, a company with an office and place of business in Sanford, North Carolina (hereinafter referred to as "Company"); WITNESSETH: WHEREAS, the Grant from the County to the Company is in the amount of up to three thousand, seven hundred and fifty hundred dollars ($3,750.00), as a match for a seventy-five thousand dollar ($75,000.00) Building Reuse grant from the North Carolina Department of Commerce and has been negotiated and agreed to by the parties contingent upon the Company entering into this Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and WHEREAS, the Grant is to be used by the Company toward the goal of creating at least fifteen (15) New Jobs (hereinafter "New Jobs") at an average annual wage of twenty three thousand, forty-seven dollars and ninety-six cents ($23,047.96) and at least eight hundred and sixty-five thousand dollars ($865,000) in Taxable Investment (hereinafter Taxable Investment) in connection with purchasing machinery and conducting building renovations in the amount of $865,000.00; and WHEREAS, the Grant is necessary to match the State grant which will enable the job creation and taxable investment by the Company in Lee County to occur and go forward; and WHEREAS, The Grant will stimulate local economic activity, promote business, and create a number of new jobs for the citizens of Lee County; and WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local Development Act, North Carolina General Statute 158-7.1 through 7.4, including a public hearing held on January 3, 2017; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the Company agrees: 1. Term. The term of this agreement shall begin upon execution on the day of , and shall end on the day of , unless sooner terminated pursuant to the provisions of the Agreement contained herein.