Laserfiche WebLink
Rq . 17 ~Ii i 292 <br />EXHIBIT 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: Construction of a manufacturing facility owned by Frontier <br />Jet Spinning on US Highway No. 421 North in Sanford, Lee County, N.C. <br />Frontier Jet Spinning will construct at least a 200,000 square foot facility <br />and will have a cumulative initial ad valorem taxable value (prior to <br />depreciation) of at least $47,680,573.00 providing employment for at least <br />100 people. <br />2. The Incentive: Estimated cost of the financial incentives for the project <br />are, <br />Site preparation $1,213,465.00 <br />Lee County's share $ 683,778.00 <br />City of Sanford's share $ 529,687.00 <br />.This contract covers the County of Lee's share of the. incentives described above. <br />It is anticipated that the incentives will be paid out as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />1999-2000 <br />$136,775.60 <br />July 31, 1999 <br />2000-2001 <br />$136,775.60 <br />July 31, 2000 <br />2001-2002 <br />$136,775.60 <br />July 31, 2001 <br />2002-2003 <br />$136,775.60 <br />July 31, 2002 <br />2003-2004 <br />$136.775.60 <br />July 31, 2003 <br />$683,778.00 <br />C; ^'7 <br />p+o" <br />A/ <br />+R to tor <br />LEE roUiJ'i?. <br />rewrrt,,,d 7n `Btu=Qp~ <br />8 Rap Of fs <br />