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BOOK 23 PAGE 724 <br />TO THE AGREEMENT BETWEEN <br />THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />AND <br />THE CITY OF SANFORD <br />STATE OF NORTH CAROLINA ) AGREEMENT FOR THE GRANT <br />OF CITY OF SANFORD <br />FUNDS <br />COUNTY OF LEE 1 <br />THIS GRANT AGREEMENT, made and entered into as of the <br />day of 2010, by and between the City of Sanford, a municipal <br />corporation of the State of North Carolina (hereinafter referred to as the "CITY'), <br />and Lee County Economic Development Corporation, a North Carolina non-profit <br />corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Magneti Marelli, a limited liability company located in the <br />City of Sanford, Lee County, North Carolina, for a project to consist of the <br />development of a machinery and assembly manufacturing facility by the <br />Company on property owned by it on Nash Street in the City of Sanford, Lee <br />County, North Carolina, which will consist of a building containing not less than 0 <br />square feet and the land, building, and equipment will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least $21,000,000.00 and will <br />provide new employment for up to 35 people, and <br />WHEREAS, the City proposes to appropriate funds to pay said incentives <br />as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2011-2012 <br />$41,798.70 <br />January 15, 2012 <br />2012-2013 <br />$41,798.70 <br />January 15, 2013 <br />2013-2014 <br />$41,798.70 <br />January 15, 2014 <br />2014-2015 <br />$41,798.70 <br />January 15, 2015 <br />2015-2016 <br />$41,798.70 <br />January 15, 2016 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby <br />agree as follows: <br />14 of 22 <br />