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0 BOOK STATE OF NORTH CAROLINA ) COUNTY OF LEE } 22 PAGE 518® AGREEMENT FOR THE GRANT OF COUNTY OF LEE FUNDS THIS GRANT AGREEMENT, made and entered into as of the day of , 2008, 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, LCEDC has requested funds for incentives for an economic development project by 3M Company, a corporation located in Lee County, North Carolina, for a project to consist of the cost of renovating space and the cost of new machinery for the Company on leased property in Lee County, North Carolina, the building, and equipment will have a additional cumulative ad valorem taxable value (prior to depreciation) of at least $2,600,000.00 and will provide new employment for up to 10 people; and WHEREAS, the County proposes to appropriate funds to pay said incentives as follows: FISCAL YEAR AMOUNT PAYMENT DATE 2010-2011 $8,093.00 January 15, 2011 2011-2012 $8,093.00 January 15, 2012 2012-2013 $8,093.00 January 15, 2013 2013-2014 $8,093.00 January 15, 2014 2014-2015 $8,093.00 January 15, 2015 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. (3) The LCEDC agrees that it will supply such records, information and verification relating to expenditures of the funds or the operations of the LCEDC as may reasonable be requested by the COUNTY. The LCEDC agrees that the COUNTY shall have access to the records and premises of the LCEDC at all reasonable times, and the LCEDC agrees to submit such reports as the COUNTY shall request pertaining to the funds granted herein or the operations of the LCEDC. The LCEDC shall 6 of 26