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0 9 <br />6u0X i9 [4CE 51 <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 of the LCEDC <br />and submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance with <br />N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this contract to help finance <br />the Economic Development Program of the LCEDC in participating in the <br />renovation of an exiting building, the construction of a new building of 15,000 <br />square feet, extension of utilities and other site preparation, and appropriations <br />for the purposes of aiding and encouraging the location of the renovation and <br />expansion of the manufacturing enterprise by January 1, 2005. <br />4. Because substantially all of the activities of LCEDC are expected to be of the <br />nature that would be held in executive or closed session, the LCEDC shall not <br />be subject to Article 33C of Chapter 143 of the North Carolina General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that the <br />improvements on the ground by January 1, 2005 will total at least <br />$2,580,000.00 and will produce ad valorem taxes in an amount to exceed <br />$83,539.00 payable to the County over the next succeeding five fiscal years and <br />the industry will have paid to its employees an average weekly wage as <br />determined by the current N.C. Employment Security Commission criteria (that <br />is not including benefits) that equals or exceed $12.00 per hour, or the recipient <br />of the incentives must make reimbursement of any deficiency. <br />