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)q <br />STATE OF NORTH CAROLINA ) AGREEMENT FOR THE GRANT <br />OF CITY OF SANFORD FUNDS <br />COUNTY OF LEE ) <br />THIS GRANT AGREEMENT, made and entered into as of the day of <br />2012, by and between the City of Sanford, a municipal corporation of the State of <br />North Carolina (hereinafter "CITY "), and Lee County Economic Development Corporation, a <br />North Carolina non -profit corporation (hereinafter "LCEDC "); <br />WITNESSETH: <br />WHEREAS, LCEDC has requested funds for incentives for an economic development <br />project by CLOVERLEAF COLD STORAGE COMPANY, an Ohio corporation located in the <br />City of Sanford, Lee County, North Carolina, for a project to consist of the expansion of the <br />COMPANY'S facility to add to add 40,000 square feet to its processing facility and 65,000 <br />square feet to its freezer storage space on property leased by it in the City of Sanford, Lee <br />County, North Carolina, and the expansion and related improvements will have a cumulative <br />initial ad valorem taxable value (prior to depreciation) of at least $12,000,000 (TWELVE <br />MILLION DOLLARS) and will create at least 58 (FIFTY - EIGHT) new jobs; and <br />WHEREAS, the CITY proposes to appropriate funds to pay said incentives as follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DATE <br />2014 -2015 <br />$29,781 <br />January 15, 2015 <br />2015 -2016 <br />$29,780 <br />January 15, 2016 <br />2016 -2017 <br />$29,780 <br />January 15, 2017 <br />2017 - 2018 <br />$29,780 <br />January 15, 2018 <br />2018 -2019 <br />$29,780 <br />January 15, 2019 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby agree as <br />follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are the subject of <br />this Agreement and perform services in consideration of the receipt of funds in accordance with <br />the purposes and /or under the restrictions and conditions as attached to this Agreement and <br />incorporated herein by reference. The LCEDC further agrees to expend the CITY funds in <br />accordance with the Budget for said funds attached hereto which is incorporated herein by <br />reference. Funds made available to the LCEDC pursuant to this Agreement shall be expended <br />only in accordance with the applicable federal, state, and local laws. No change or alteration in <br />the amount of the total Budget attached may be made without the express approval of the City <br />Council if the CITY amount changes. The Budget detail or total Budget may be amended with <br />the approval of the City Manager, within the CITY funds made available by this Agreement. <br />18 of 29 <br />