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t.
<br />BOOK 22 PAGE 5
<br />EXHIBIT D
<br />TO AGREEMENT BETWEEN
<br />CITY OF SANFORD
<br />AND
<br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION
<br />DESCRIPTION OF PROJECT AND INCENTIVES
<br />1. The Project: Renovating space and the cost of new machinery on leased property for 3M
<br />Company in Sanford, Lee County, N.C. The Company will be renovating and purchasing new
<br />equipment that will have a cumulative additional ad valorem taxable value (prior to
<br />depreciation) of at least $2,600,000.00 providing employment for up to 10 people.
<br />2.
<br />Real Estate - $1,100,000
<br />Machinery - $1,500,000
<br />Jobs - 10
<br />Real Estate
<br />95%= $1,045,000
<br />x $0.0075 Tax Rate
<br />$7,838
<br />x 5 Years
<br />$39,188
<br />X 50% _ $19,594
<br />County
<br />city
<br />$1,045,000
<br />x $0.0055 Tax Rate
<br />$5,748
<br />x 5 Years
<br />$28,738
<br />x 50% _ $14,369
<br />Machinery
<br />County
<br />City
<br />90% =
<br />$1,350,000
<br />X $0.
<br />0075 =
<br />$10,125
<br />x $0.
<br />0055 =
<br />$7,425
<br />82% =
<br />$1,230,000
<br />x $0.
<br />0075 =
<br />$9,225
<br />x $0.
<br />0055 =
<br />$6,765
<br />75% =
<br />$1,125,000
<br />x$0.
<br />0075 =
<br />$8,438
<br />x$0.
<br />0055 =
<br />$6,188
<br />67% =
<br />$1,005,000
<br />x $0.
<br />0075 =
<br />$7,538
<br />x $0.
<br />0055 =
<br />$5,528
<br />57% =
<br />$855,000
<br />X $0.
<br />0075 =
<br />$6,413
<br />x $0.
<br />0055 =
<br />$4,703
<br />$41,738
<br />$30,608
<br />x 50% _
<br />$20,869
<br />x 50% _
<br />$15,304
<br />Local Incentives
<br />County City
<br />Real $19,594 Real $14,369
<br />Machinery $20,869 Machinery $15,304
<br />$40,463 $29,673
<br />TOTAL $70,135
<br />23 of 26
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