2011 - 10-10-2011 Spec. Meeting - Laserfiche WebLink

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AA 0 B(Ok 2Y STATE OF NORTH CAROLINA ) AGREEMENT FOR THE GRANT OF COUNTY OF LEE FUNDS COUNTY OF LEE ) THIS GRANT AGREEMENT, made and entered into as of the day of 2011, by and between the County of Lee, one of the counties of the State of North Carolina and a body both politic and corporate (hereinafter referred to as the "COUNTY "), and Lee County Economic Development Corporation, a North Carolina non -profit corporation (hereinafter referred to as the "LCEDC "); WITNESSETH: WHEREAS, the LCEDC has requested funds for incentives for an economic development Project by ZURN INDUSTRIES, LLC (hereinafter "Company "), a Delaware corporation authorized to do business in North Carolina and having a manufacturing facility in Lee County, North Carolina. The Project is to consist of the expansion of the Company's manufacturing operation in Lee County on property in Lee County, with a Capital Investment in machinery, equipment and improvements in an amount not less than TWENTY THOUSAND DOLLARS ($20,000) and the creation of THIRTY -EIGHT (38) New Jobs; and WHEREAS, the County proposes to appropriate funds to pay said incentives as follows: Upon receipt of a request by the LCEDC which will include a verified letter from an officer of the Company certifying the amount of the Capital Investment made and the number of New Jobs on the payroll in Lee County. NOW, THEREFORE, in consideration of the above, the parties do hereby agree as follows: (1) The LCEDC covenants and agrees to expend the funds which are the subject of this Agreement and perform services in consideration of the receipt of funds in accordance with the purposes and /or under the restrictions and conditions as attached to this Agreement and incorporated herein by reference. The LCEDC further agrees to expend the COUNTY funds in accordance with the Budget for said funds attached hereto which is incorporated herein by reference. Funds made available to the LCEDC pursuant to this Agreement shall be expended only in accordance with the applicable federal, state, and local laws. No change or alteration in the amount of the total Budget attached may be made without the express approval of the Board of Commissioners if the COUNTY amount changes. The Budget detail or total Budget may be amended with the approval of the County Manager, within the COUNTY funds made available by this Agreement. (2) Termination of this Agreement may occur for reasons described herein or in attachments hereto. The COUNTY may execute an extension of this Agreement in its discretion and in accordance with such additional conditions as it may require. 9of18