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0~0 <br />aoo< 1'i r;.; <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF LEE ) <br />AGREEMENT FOR THE GRANT <br />OF COUNTY OF LEE FUNDS <br />THIS GRANT AGREEMENT, made and entered into as of the ~ day of <br />April, 1998, by and between the County of Lee, one of the counties of the State of North <br />Carolina and a body both politic and corporate (hereinafter referred to as the <br />"COUNTY"), and Lee County Economic Development Corporation, a North Carolina <br />non-profit corporation (hereinafter referred to as the "LCEDC"); <br />WITNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Frontier Jet Spinning, a limited liability company located in the <br />City of Sanford, Lee County, North Carolina, for a project to consist of the construction <br />of a manufacturing facility by Frontier Jet Spinning on property owned by it on US Hwy. <br />421 North in the City of Sanford, Lee County, North Carolina, which will consist of a <br />building containing not less than 200,000 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 $47,680,573.00 and will provide new employment for at least 100 people; and <br />WHEREAS, it is understood and agreed that this grant is conditional upon the <br />City of Sanford approving a grant of similar import to this one based upon its economic <br />development policy to the LCEDC for the benefit of Frontier Jet Spinning within thirty <br />(30) days from the date of this instrument and if this condition is not satisfied or met, then <br />this Grant Agreement is null and void; and <br />WI-IEREAS, the County proposes to appropriate funds to pay said incentives as <br />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 />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 />