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. ~ <br />Boon P,.cr55 017 <br />STATE OF NORTH CAROLINA <br />COUNTY OF LEE . <br />AGREEMENT FOR THE GRANT <br />OF COUNTY OF LEE FUNDS <br />THIS GRANT AGREEMENT, madeo and entered into as of the day of <br />, 1999, by and between the Count}} of Lee, one of the counties of the State of <br />North Carolina and a body both politic and corporate (hereinafter referred to as the <br />-COUNTY"), and Lee County Economic Development Corporation, <br />non-profit corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETH: <br />a North Carolina <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by American Cyanamid Company, a Maine corporation with a <br />manufacturing facility located in Lee County, North Carolina, for a project to consist of <br />the renovation and expansion of a vaccine manufacturing facility by American Cyanamid <br />Company on property owned by it in Lee County, North Carolina, which will consist of an <br />expansion containing not less than 30,000 square feet and the land, building, and <br />equipment will have a cumulative initial ad valorem taxable value (prior to depreciation) of <br />at least $47,500,000.00 and will provide new employment for at least 20 people when <br />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 />2002/2003 <br />138,067 <br />July 15, 2002 <br />2003/2004 <br />138,067 <br />July 15, 2003 <br />2004/2005 <br />138,067 <br />July 15, 2004 <br />2005/2006 <br />138,067 <br />July 15, 2005 <br />2006/2007 <br />138,067 <br />July 15, 2006 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby agree <br />as follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are the <br />subject of this Agreement and perform services in consideration of the receipt of funds in <br />accordance with the purposes and/or under the restrictions and conditions as attached to <br />this Agreement and incorporated herein by reference. The LCEDC further agrees to <br />expend the COUNTY funds in accordance with the Budget for said funds attached hereto <br />which is incorporated herein by reference. Funds made available to the LCEDC pursuant <br />to this Agreement shall be expended only in accordance with the applicable federal, state, <br />