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606 <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 C. <br />2. Payment to the LCEDC will be made upon the written request and <br />submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance <br />with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this contract to help <br />finance the Economic Development Program of the LCEDC in <br />participating in the cost purchasing of manufacturing facility in Lee <br />County, N.C.; upfitting the space; purchasing equipment and the transfer <br />of personnel from its Broadway, North Carolina location and/or the <br />employment of additional personnel which will result in an investment of <br />Three Hundred Thousand and No/100 Dollars ($300,000.00) in the <br />building and the investment of at least Two Million and No/100 Dollars <br />($2,000,000.00) in equipment and personal property, <br />4. Because substantially all of the activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that <br />the improvements on the ground by January 1, 2004 will total at least One <br />Million Three Hundred Thousand and No/] 00 Dollars ($1,300,000.00) and <br />an additional One Million and No/100 Dollars (1,000,000) by January 1, <br />2006 and will produce ad valorem taxes in an amount of Thirty One <br />Thousand Five Hundred and Forty One and No/100 Dollars ($31,541.00) <br />payable to the County over the next succeeding five (5) fiscal years, and <br />the industry will have paid to its employees an average weekly wage as <br />determined by current N.C. Employment Security Commission criteria <br />(that is not including benefits) that equals or exceeds $12.00 per hour, or <br />the recipient of the incentives must make reimbursement of any <br />deficiency. <br />7 <br />