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BOOK 22 PAGE 5 <br />EXHIBIT B <br />TO AGREEMENT BETWEEN <br />CITY OF SANFORD <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />The LCEDC will submit reports to the City as provided in Exhibit C. <br />2. Payment to the LCEDC will be made upon the written request of the LCEDC and <br />submission of appropriate documents of expenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance with N.C. Gen. <br />Stat. 158-7.1 and Exhibits A and D of this contract to help finance the Economic <br />Development Program of the LCEDC in participating in the renovation of a building and <br />the cost of new machinery by 3M Company. <br />4. Because substantially all of the activities of LCEDC are expected to be of the nature that <br />would be held in executive or closed session, the LCEDC shall not be subject to Article <br />33C of Chapter 143 of the North Carolina General Statutes. <br />5. The project described in Exhibit °D" must be completed in such time that the <br />improvements on the ground the cumulative initial ad valorem taxable value (prior to <br />depreciation) by January 1, 2010 will total at least $2,600,000.00 and will produce ad <br />valorem taxes in an amount of $59,343.00 payable to the City over the next succeeding five <br />(5) fiscal years and the industry will have paid to its employees an average weekly wage as <br />determined by current N.C. Employment Security Commission criteria (that is not <br />including benefits) that equals or exceeds $14.53 per hour, or the recipient of the incentives <br />must make reimbursement of any deficiency. <br />21 of 26 <br />