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BOOK 23 PAGE 731 <br />EXHIBIT D <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />1. The Project: Retrofitting of space and the cost of new machinery <br />on property owned by Magneti Marelli on Nash Street in Sanford, <br />Lee County, N.C. The Company will retrofit space and purchase <br />new machinery that will have a cumulative initial ad valorem taxable <br />value (prior to depreciation) of at least $21,000,000.00 providing <br />employment for up to 35 people. <br />2. The Incentive: Estimated costs of the financial incentives for the <br />project are: <br />Building and Equipment $499,262.00 <br />Lee County's share $290,269.00 <br />City of Sanford's share $208,994.00 <br />This contract covers the County of Lee's share of the incentives described <br />above. It is anticipated that the incentives will be paid out 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 />21 of 2? <br />