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0 0 <br />BOOK 21 PAGE 666 <br />ATTACHMENT D <br />TO AGREEMENT BETWEEN <br />COUNTY OF LEE <br />AND <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />DESCRIPTION OF PROJECT AND INCENTIVES <br />The Project: Retrofitting of a building and purchase of new machinery by <br />Caterpillar in Lee County Industrial Park, Lee County, N.C. The <br />Company will construct at least a 50,000 square foot facility and will have <br />a cumulative initial ad valorem taxable value (prior to depreciation) of at <br />least $1,630,000.00 and will result in the retention and creation of 6 jobs. <br />2. <br />Lee County <br />Not in an Urban Progress Zone <br />Real - $1,235,000 <br />Maobinory - $396,000 <br />- I. <br />- <br />.5, <br />JObs - <br />. <br />,cal Incentives <br />Rest <br />95%= $1,173,250 90% <br />$355500 x$00075 = <br />. $2,666 <br />x$00075 Tax rate 81% <br />' <br />$3199501 x800075 = <br />$2400 <br />8° <br />$8709 66A <br />= <br />$268600: x$00075 <br />--$2015 <br />x5Years _ 57% _ <br />_ <br />$225,150-x$00075= <br />_ <br />$1689 <br />843,9]. 46% <br />$181700, x$00075= <br />S1~363 <br /> <br />! <br />Stet 32 <br />_ $439W x 50%. $21998 <br />- <br />„ <br />810,132_ x 50% <br />$5066 <br />Local Incentives (County) <br />- <br />Real <br />82199844. <br /> <br /> <br />Macninery 8506588 <br />TOTAL $27,06431 <br /> <br /> <br />3. The Incentive: Estimated costs of the financial incentives for the project <br />are: <br />Site preparation <br />$27,064 <br />Lee County's share <br />$27,064 <br />This contract covers the County of Lec's share of the incentives described above. <br />It is anticipated that the incentives will be paid out as follows: <br />FISCAL YEAR AMOUNT PAYMENT DATE <br />2008-2009 $9,021 January 15, 2009 <br />2009-2010 $9,021 January 15, 2010 <br />2010-2011 $9,022 January 15, 2011 <br />14 of 16 <br />