1999 - 06-28-99 Regular Meeting - Laserfiche WebLink

Home Browse Search

BOX V PACE 760 EXH[Brr B TO AGREEMENT BETWEEN COUNTY OF LEE AND LEE COUNTY ECONOMIC ]PEVELOPMENT CORPORATION PURPOSES AND/OR RESTRICTIONS/CONDITIONS 1. The LCEDC will submit reports to the County as provided in Exhibit C. 2. Payment to the LCEDC will be made upon the written request of the LCEDC and submission of appropriate documents of expenditures. 3. Funds paid in accordance with this contract are to be used in accordance with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this contract to help finance the Economic Development Program of the LCEDC in participating. in the cost of grading, extension of utilities and other site preparation and appropriations for the purposes of aiding and encouraging of the location of the renovation and expansion of the vaccine manufacturing enterprise by January 1, 2002. 4. Because substantially all of the activities of LCEDC are expected to be of the nature that would be held in executive or closed session, the LCEDC shall not be subject to Article 33C of Chapter 143 of the North,Carolina General Statutes. 5. The project described in Exhibit "D" must be completed in such time that the improvements on the ground by January 1, 2002 will total at least $47,500,000.00 and that the cumulative initial ad valorem taxable value (prior to depreciation) by January 1, 2002 will total of least $47,500,000.00 and will produce ad valorem taxes in an amount to exceed $1,380,000 payable to the County over the next succeeding five (5) fiscal years and the industry will have paid to its employees an average weekly wage as determined by current N.C. Employment Security Commission criteria (that is not including benefits) that equals or exceeds $12.00 per hour, or the recipient of the incentives must make reimbursement of any deficiency.