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® Pon< 17 Pp,r'r g® 09-1 <br />EXHIBIT B <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />FY 1997-98 <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />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 <br />Grantee 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 <br />finance the Economic Development Program of the Grantee; aiding and <br />encouraging the expansion of Frontier Spinning Mills in Lee County. <br />4. Because substantially all of the activities of Grantee are expected to be of <br />the nature that would be held in executive or closed session, the Grantee <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />The project as described in Exhibit "D" must be completed in such time <br />that improvements on the ground by January 1, 1999, will produce ad <br />valorem taxes in the amount of $585,040 payable to the County over the <br />next succeeding five (5) fiscal years and the industry will have paid to its <br />employees an average weekly wage as determined by current N.C. <br />Employment Security Commission criteria (that is not including benefits) <br />that equals or exceeds $12.00 per hour, or the recipient of the <br />incentives must make reimbursement of any deficiency. <br />