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l� <br />EXHIBIT B <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND /OR RESTRICTIONS /CONDITIONS <br />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 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 <br />N.C. Gen. Stat. 158 -7.1 and Exhibits A and D of this contract to help finance the <br />Economic Development Program of the LCEDC in participating in the cost of <br />expansion and improvements of a processing facility and freezer storage space by <br />the Company. <br />4. Because substantially all of the activities of LCEDC are expected to be of the <br />nature that would be held in executive or closed session, the LCEDC shall not be <br />subject to Article 33C of Chapter 143 of the North Carolina General Statutes. <br />5. The project described in Exhibit "D" must be completed by January 1, 2014 so <br />that the cumulative initial increase in the ad valorem taxable value (prior to <br />depreciation) by Cloverleaf Cold Storage in the facility will total at least <br />$12,000,000 (TWELVE MILLION DOLLARS) and will produce ad valorem <br />taxes in an amount of $711,416 (SEVEN HUNDRED ELEVEN THOUSAND <br />FOUR HUNDRED SIXTEEN DOLLARS) per year payable to the COUNTY and <br />CITY over the next succeeding five (5) fiscal years and the COMPANY will have <br />paid to its employees an average annual wage as determined by current N.C. <br />Employment Security Commission criteria (that is not including benefits) that <br />equals or exceeds $22,519 (TWENTY -TWO THOUSAND FIVE HUNDRED <br />NINETEEN DOLLARS) per year. <br />13 of 29 <br />