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noDr 24 X07 STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE FUNDS FOR COUNTY OF LEE ) ZURN INDUSTRIES, LLC. THIS AGREEMENT, made and entered into this the _day of November, 2011, by and between LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION, a North Carolina non -profit corporation (hereinafter "LCEDC "), and ZURN INDUSTRIES, LLC, a company with an office and place of business in Sanford, North Carolina (hereinafter "Company "); WITNESSETH: WHEREAS, LCEDC has entered into an agreement with Lee County (hereinafter "County ") with regard to providing a cash economic development incentive grant (hereinafter "Grant ") in support of the expansion of the Company's manufacturing operations in Lee County. WHEREAS, the Grant from the County to the LCEDC for the Company is in the amount of THIRTY -EIGHT THOUSAND DOLLARS ($38,000) and has been negotiated and agreed to by the parties contingent upon the Company entering into this Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and WHEREAS, the Grant is to be used by the Company toward the goal of creating THIRTY -EIGHT (38) new jobs and at least $20,000 in new capital investment in connection with the Company's manufacturing operations in Lee County; and WHEREAS, the Grant is necessary to enable the job creation and capital investment by the Company in Lee County to occur and go forward; and WHEREAS, the Grant also is necessary to enable the retention of 100 jobs existing at the Company's facility in Lee County as of the effective date of this Agreement; and WHEREAS, the Grant will stimulate local economic activity, promote business, and create a number of new jobs for the citizens of Lee County; and WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local Development Act, North Carolina General Statute §§ 158 -7.1 through 7.4, including a public hearing held on October 3, 2011; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the Company agrees: 2of18