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beux 23 PAGE 712 <br />In consideration of the foregoing, the benefits accruing to Magneti Marelli, <br />the representations and mutual promises contained herein, the parties have <br />agreed as follows: <br />1. Representations by Magneti Marelli. Magneti Marelli makes the <br />following representations as the basis for the undertakings on its part herein <br />contained: <br />a. The Company is a limited liability company duly organized <br />and existing and in good standing under the laws of the <br />State of North Carolina. The Company has the power and <br />authority to enter into this Agreement, to perform its <br />obligations under and consummate the transactions <br />contemplated by this Agreement, and has by proper action <br />duly authorized the execution and delivery of this <br />Agreement. <br />b. Neither the execution or delivery of this Agreement nor the <br />performance of the obligations under or consummation of <br />the transactions contemplated by this Agreement violates or <br />will violate any law or governmental order, conflicts or will <br />conflict with any provisions of the Articles of Organization or <br />the Operating Agreement of the limited liability company or <br />any material term or provision of any agreement or <br />instrument to which the limited liability company is a party or <br />by which it is bound, or constitutes or will constitute a <br />material breach of or a default under any such agreement or <br />instrument. <br />C. The project consists of renovations and equipment in a <br />manufacturing facility by Magneti Marelli on property owned <br />by it on Nash Street in the City of Sanford, Lee County, <br />North Carolina, which will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least <br />$21,000,000.00. <br />d. The Company presently intends to operate the project as an <br />industrial facility within the City and County until the City and <br />County receive the prospective tax revenues from the <br />improvements on the property which were contemplated in <br />arriving at the consideration that it receives pursuant to this <br />Agreement. <br />e. The Company hereby certifies that without the incentives <br />provided by the LCEDC based upon the Economic <br />Development Incentive Policy adopted by the City and <br />County, it would not site this project in the City or County. <br />2 of 22 <br />