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BOOK 22 PAGE 514 1 0 STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE FUNDS FOR COUNTY OF LEE ) 3M Company THIS AGREEMENT, made and entered into this the day of 2008, by and between LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION, a North Carolina non- profit corporation (hereinafter referred to as LCEDC), and 3M Company, a corporation with an office and place of business in Sanford, N.C. (hereinafter referred to as Company); WITNESSETH: WHEREAS, LCEDC has entered into an agreement with Lee County (County) and the City of Sanford (City) with regard to providing economic development funds in support of the development of the 3M Company manufacturing facility as described in the contracts which are attached as Exhibits "A" and "B". and In consideration of the foregoing, the benefits accruing to 3M Company, the representations and mutual promises contained herein, the parties have agreed as follows: I. Representations by 3M Company. 3M Company makes the following representations as the basis for the undertakings on its part herein contained: a. The Company is a Delaware corporation duly organized and existing and in good standing under the laws of the State of North Carolina. The Company has the power and authority to enter into this Agreement, to perform its obligations under and consummate the transaction contemplated by this Agreement, and has by proper action duly authorized the execution and delivery of this Agreement. b. Neither the execution or delivery of this Agreement nor the performance of the obligations under or consummation of the transactions contemplated by this Agreement violates or will violate any law or governmental order, conflicts or will conflict with any provisions of the articles of organization or the operating agreement of the company or any material term or provision of any agreement or instrument to which the corporation is a party or by which it is bound, or constitutes or will constitute a material breach of or a default under any such agreement or instrument. C. The project consists of the cost of renovating space and the cost of new machinery for 3M Company on property leased 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. d. The Company presently intends to operate the project as an industrial facility within the City and County until the City and County receive the prospective tax revenues from the improvements to be constructed on the property which were contemplated in arriving at the consideration that it receives pursuant to this Agreement. 2 of 26