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STATE OF NORTH CAROLINA ) AGREEMENT REGARDING <br /> INCENTIVE FUNDS FOR <br /> COUNTY OF LEE ) PROJECT FRAME <br /> THIS AGREEMENT,made and entered into this the day of <br /> ,by and between the COUNTY OF LEE,NORTH CAROLINA, a body politic and <br /> corporate(hereinafter referred to as COUNTY) and Project Frame a company with <br /> an office and place of business in Sanford,North Carolina, (hereinafter referred to as <br /> COMPANY); <br /> WITNESSETH: <br /> WHEREAS, the Grant from the COUNTY to the COMPANY is in the amount of up to <br /> $275,595(two hundred seventy-five thousand, five hundred and ninety-five dollars) and has been <br /> negotiated and agreed to by the parties contingent upon the COMPANY entering into this <br /> Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and, <br /> WHEREAS, the Grant is to be used by the COMPANY toward the goal of creating at <br /> least two hundred thirty-five (235)new employees (hereinafter referred to as "New Jobs") at an <br /> average annual wage of at least fifty thousand, four hundred seventy dollars ($50,470.00) and an <br /> estimated net new taxable investment in the amount of$18,000,000.00(eighteen million dollars) <br /> (hereinafter referred to as "taxable investment")in connection with building renovations and the <br /> purchase of machinery and equipment in the COMPANY'S manufacturing operations located in <br /> Lee County; and <br /> WHEREAS, the Grant is necessary to enable the job creation and taxable investment by <br /> the COMPANY in Lee County to occur and go forward; and <br /> WHEREAS, the Grant will stimulate local economic activity,promote business and <br /> create a number of new jobs for the citizens of Lee County; and <br /> WHEREAS, the COMPANY will lease a building located within Lee County and which <br /> will significantly enhance the County's reputation as a desirable location for similar and/or <br /> supporting companies to locate and COMPANY agrees to list and pay all real and personal <br /> property taxes before submitting paperwork to receive an incentive from COUNTY; and <br /> WHEREAS, the COMPANY will be responsible for all performance measure goals <br /> related to this Agreement, the COMPANY will contribute all net new taxable investment and <br /> maintain all new and existing jobs and minimum average wages. The Owners of the building <br /> will sign an acknowledgment acknowledging it has no rights related to this Agreement and will <br /> not seek any cash grant incentive from the COUNTY; and <br />