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0 BOOK 22 P7GF $28 STATE OF NORTH CAROLINA) AGREEMENT FOR THE GRANT OF CITY OF SANFORD FUNDS COUNTY OF LEE ) THIS GRANT AGREEMENT, made and entered into as of the day of 2008, by and between the City of Sanford, a municipal corporation of the State of North Carolina (hereinafter referred to as the "CITY"), and Lee County Economic Development Corporation, a North Carolina non-profit corporation (hereinafter referred to as the "LCEDC"); WFFNESSETH: WHEREAS, LCEDC has requested fiords for incentives for an economic development project by 3M Company, a corporation located in the City of Sanford, Lee County, North Carolina, for a project to consist of cost.of renovating a building and the cost of new machinery by the Company on leased property in the City of Sanford, Lee County, North Carolina. The building, and equipment will have a cumulative additional 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 City proposes to appropriate funds to pay said incentives as follows: FISCAL YEAR AMOUNT PAYMENT DATE 2010-2011 $5,935.00 January 15, 2011 2011-2012 $5,935.00 January 15, 2012 2012-2013 $5,935.00 January 15, 2013 2013-2014 $5,935.00 January 15, 2014 2014-2015 $5,935.00 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 CITY 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 City Council if the CITY amount changes. The Budget detail or total Budget may be amended with the approval of the City Manager, within the CITY funds made available by this Agreement. (2) Termination of this Agreement may occur for reasons described herein or in attachments hereto. The CITY 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 CITY. The LCEDC agrees that the CITY 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 CITY shall request pertaining to 16 of 26