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EXI►IBIT B <br />1-0 AGREEMENT BE"I WEEN <br />COUNTY Of- LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/Ol2 RESTRICTIONS/CONDITIONS <br />The LCEDC will submit reports to the County as provided in Exhibit C. <br />026 <br />2. Payment to the LCEDC will be made upon the written request of the LCEDC and <br />submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance with N.C. Gen. <br />Slat. 158-7.1 and Exhibits A and D of this contract to help finance the Economic <br />Development Program of' the LCEDC in participating in the cost of' renovating a <br />manufacturing plant by the Company. <br />4. Because substantially all of the activities of LCEDC are expected to be of the nature that <br />would be held in executive m closed session, the LCEDC shall not be subject to Article <br />33C of Chapter 143 of the North Carolina General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that the <br />improvements on the ground the cumulative initial ad valorem taxable value (prior to <br />depreciation) by June 1, 2010 will total at least $2,600,000.00 and will produce additional <br />ad valorem taxes in an amount of $80,926.00 payable to the County and $59,343.00 <br />payable to the City over the next succeeding five (5) fiscal yeas and the industry will have <br />paid to its employees an average weekly wage as determined by current N.C. Employment <br />Security Commission criteria (that is not including benefits) that equals or exceeds $14.53 <br />per hour, or the recipient of the incentives must make reimbursement of any deficiency. <br />• <br />II of 26 <br />