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HOOK 23 PAGE 723 <br />EXHIBIT B <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />1. The LCEDC will submit reports to the City as provided in Exhibit 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 extension of utilities and other site <br />preparation of a machinery and assembly manufacturing plant by <br />Magneti Marelli. <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 $417,987.00 payable to the City over the next <br />succeeding five (5) fiscal years or the recipient of the incentives <br />must make reimbursement of any deficiency. <br />19 of 22 <br />