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

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STATE OF NORTH CAROLINA COUNTY OF LEE AGREEMENT REGARDING FUNDS FOR PROJECT DRIVELINE "00 This Agreement, made and entered into this day of 5 , by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate (hereinafter referred to as "County") and PROJECT DRIVELINE, 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 FIVE HUNDRED AND TWELVE THOUSAND, TWO HUNDRED AND THIRTY-EIGHT DOLLARS ($512,238.00) 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 sixty-six (66) New Jobs (hereinafter "New Jobs") at an average annual wage of thirty nine thousand, three hundred and three dollars ($39,303.00) and at least THIRTY-SEVEN MILLION, TWO HUNDRED THOUSAND DOLLARS ($37,200,000.00) in Taxable Investment (hereinafter Taxable Investment) in connection with purchasing machinery and equipment in the amount of thirty seven million, two hundred thousand dollars; and WHEREAS, the Grant is necessary to 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 November 14, 2016 and another held on January 3, 2017 (after the Company decided to invest more taxable investment in the County; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the Company agrees: 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.