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0 BOX 18 P~cF 398 <br />• The entitlement period shall be determined by negotiation between the Lee County <br />Economic Development Corporation, City of Sanford, and the company. <br />• The contribution will also be based on the quality of jobs created. Wage rates for <br />both existing and new businesses will be based on the company's average weekly <br />wage as reported to the Employment Security Commission. See schedule below for <br />percentages of funds allocated: <br />Wage Rates <br />$9.99 1&98 <br />$10.00-12.00 <br />$12.00+ <br />Percent of Total <br />59°14 <br />75% <br />100% <br />• Upon approval, allocated funds can be used for any item as stated in N.C. Gen. Stat. <br />158-7.1. <br />C. Town of Broadway <br />Businesses or industries which meet the criteria established above will be eligible for <br />additional incentives if they expand or locate within the corporate limits of Town of <br />Broadway where the Board of Commissioners deem it appropriate as follows: <br />• A maximum contribution of 50 percent of the increased tax revenue for five years <br />The entitlement period shall be determined by negotiation between the Lee County <br />Economic Development Corporation, Town of Broadway, and the company. <br />• The contribution will also be based on the quality of jobs created. Wage rates for <br />both existin and new businesses will be based on the company's average weekly <br />wage as reported to the Employment Security Commission. See schedule below for <br />percentages of funds allocated: <br />Wage Rates <br />$9.09 1-8-88 <br />$10.00-12.00 <br />$12.00+ <br />Percent of Total <br />58% <br />75% <br />100% <br />• Upon approval, allocated funds can be used for any item as stated in N.C. Gen. Stat. <br />158-7.1. <br />ole <br />Adopted by Lee County Board of Commissions, <br />City of Sanford Council, and Town of Broadway <br />Board of Commissioners 1998 <br />Page 3 of 3 <br />