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STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />boo % 1.9 F! : 46 <br />AGREEMENT FOR THE GRANT <br />OF COUNTY OF LEE FUNDS <br />THIS GRANT AGREEMENT, made and entered into as of the day of <br />2002, by and between the County of Lee, one of the counties of the State of <br />North Carolina and a body both politic and corporate (herinafter referred to as the <br />"County"), and Lee County Economic Development Corporation, a North Carolina non- <br />profit corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Meikle EMS Automation, a corporation with a manufacturing <br />facility located in Lee County, North Carolina, for a project to consist of the renovation of <br />an existing structure, the construction of a new 15,000 new square foot building, site <br />preparation, extension of utility lines, and training of employees by Meikle EMS <br />Automation on property owned by it in Lee County, North Carolina, and will represent an <br />investment of two million five-hundred thousand dollars ($2,500,000) and will provide new <br />employment for at least thirty (30) people when fully operational; and <br />WHEREAS, the County proposes to appropriate funds to pay said incentives as <br />follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2005/2006 <br />$ 13,922.33 <br />July 31, 2005 <br />2006/2007 <br />13,922.33 <br />July 31, 2006 <br />2007/2008 <br />13,922.34 <br />July 31, 2007 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby agree as <br />follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are the subject <br />of this Agreement and perform services in connection with the receipt of <br />funds in accordance with the purposes and/or under the restrictions and <br />conditions as attached to this Agreement and incorporated herein by <br />reference. The LCEDC further agrees to expend the COUNTY funds in <br />accordance with the Budget for said funds attached hereto, which is <br />incorporated herein by reference. Funds made available to the LCEDC <br />pursuant to this Agreement shall be expended only in accordance with the <br />applicable federal, state, and local laws. No change or alteration in the <br />amount of the total Budgct attached may be made without the express <br />approval of the Board of Commissioners if the COUNTY amount changes. <br />The Budget detail or total Budget may be amended with the approval of the <br />