Laserfiche WebLink
EXHIBIT B <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />FY 1996-97 <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />1. The Grantee will submit reports to the County as provided in Exhibit C. <br />2. Payment to the Grantee will be made upon the written request of the Grantee and <br />submission of appropriate documentation of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance with N.C. <br />Gen. Stat. 158-7.1 and Exhibits A and D of this contract to finance the Economic <br />Development Program of the Grantee; aiding and encouraging the location of <br />Caterpillar, Inc., to Lee County. <br />4. Because substantially all of the activities of Grantee are expected to be of the <br />nature that would be held in executive or closed session, the Grantee shall not be <br />subject to Article 33C of Chapter 143 of the North Carolina General Statutes. <br />5. The project as described in Exhibit "D" must be completed in such time that <br />improvements on the ground by January 1, 2000, will produce ad valorem taxes in <br />the amount of $340,000.00 payable to the County over the next succeeding five <br />(5) fiscal years and the industry will have paid to its employees an average weekly <br />wage as determined by current N.C. Employment Security Commission criteria <br />(that is not including benefits) that equals or exceeds $12.00 per hour, or the <br />recipient of the incentives must make reimbursement of any deficiency. <br />