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Bm'y 19 PAGE a <br />53 <br />E xI11B1T D <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />1. The Project: Renovation of an existing facility and the construction of a new <br />15,000 square foot building owned by Miekle EMS Automation on property it owns in Lee <br />County, North Carolina. The renovated facility and the new facility together with <br />equipment will have a cumulative initial ad valorem taxable value (prior to depreciation) of <br />at least $2,580,000.00 providing employment for at least 50 fifty people when fully <br />operational. <br />2. The Incentive: Estimated cost of the financial incentives for the project are: <br />Renovations of the existing facility, construction of a $41,767.00 <br />new 15,000 square foot building, extension of utility <br />lines, site preparation, training of employees <br />Lee County's share $41,767.00 <br />This contract covers Lee County's share of the incentives described above. It is <br />anticipated that the incentives will be paid out as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2005/2006 <br />S 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 />NORTH CAROLINA, LEE COUNT1lyJ <br />P se ted registration on they day <br />P <br />i 20`~-- ~atEe <br />recorded In Book / fz PNellie W. Thomas, Register of s <br />