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Gnu <br />Boo{ 17 r,[E 9U, <br />EXmrr B <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/ORRESTRICTIONS/CONDITIONS <br />1. The LCEDC will submit reports to the County as provided in Exhibit C. <br />2. Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance <br />with N.C. Gen. Stat. 158-7.1 and Exhibits A and D of this contract to help <br />finance the Economic Development Program of the LCEDC in <br />participating in the cost of grading, extension of utilities and other site <br />preparation of a new manufacturing plant by Frontier Jet Spinning. <br />4. Because substantially all of the activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that <br />the improvements on the ground by January 1, 1999 will total at least <br />$32,680,573.00 and that ,vith the additions in 1999 the cumulative i.^.itia! <br />ad valorem taxable value (prior to depreciation) by January 1, 2000 will <br />total at least $47,680,573.00 and will produce ad valorem taxes in an <br />amount of $1,367,556.00 payable to the County over the next succeeding <br />five (5) fiscal years and the industry will have paid to its employees an <br />average weekly wage as determined by current N.C. Employment Security <br />Commission criteria (that is not including benefits) that equals or exceeds <br />$12.00 per hour, or the recipient of the incentives must make <br />reimbursement of any deficiency- <br />6 <br />