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BcoK 23 PnE 720 <br />EXHIBIT B <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />1. The LCEDC will submit reports to the County as provided in Exhibit <br />C. <br />2. Payment to the LCEDC will be made upon the written request of <br />the LCEDC and submission of appropriate documents of <br />expenditures. <br />3. Funds paid in accordance with this contract are to be used in <br />accordance with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of <br />this contract to help finance the Economic Development Program of <br />the LCEDC in participating in the cost of retrofitting a manufacturing <br />plant by the Company. <br />4. Because substantially all of the activities of LCEDC are expected to <br />be of the nature that would be held in executive or closed session, <br />the LCEDC shall not be subject to Article 33C of Chapter 143 of the <br />North Carolina General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time <br />that the improvements on the ground the cumulative initial ad <br />valorem taxable value (prior to depreciation) by January 1, 2011 will <br />total at least $21,000,000.00 and will produce ad valorem taxes in <br />an amount of $967,887.00 payable to the County and City over the <br />next succeeding five (5) fiscal years or the recipient of the <br />incentives must make reimbursement of any deficiency. <br />10 of 22 <br />