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0 B03 <br />sTnrE of Nolzn l CAROLINA ) <br />COUNTY OF LEE ) <br />AGREEMENT I OR THE GRANT <br />OF CfI Y OF SAiNFORD FUNDS <br />THIS GRANT AGREEMENT, made and entered into as of the day of <br />2007, by and between the Citv of Sanford, a municipal corporation of the <br />State of North Carolina (hereinafter referred to as the "CITY"). and Lee County <br />Economic Development Corporation, a North Carolina non-profit corporation <br />(hereinafter relened to as the "LCEDC" <br />W ITN ESS I- 1-1-1: <br />WHEREAS, LCEDC has requested funds for incentives for an economic <br />development project by Frontier Spinning 11C. a limited liabitity company located in the <br />City of Sanford, Lee County. North Carolina. lot a project to consist of cost of <br />construction of additional space and the cost of new machinery for the Company on <br />property owned by it on Boone 'I-rail Road in the City of Sanford, Lee County, North <br />Carolina, which will consist of constructing a building containing not less than 70,000 <br />square feet and the land, building, and equipment will have a cumulative initial ad <br />valorem taxable value (prior to depreciation) of at least $20,000,000.00 and will provide <br />new employment for at least 40 people; and <br />WHEREAS, the City proposes to appropriate funds to pay said incentives as <br />follows: <br />FISCAL YEAR <br />AMOUNT <br />PAYMENT DALE <br />2008-2009 <br />$47,770.80 <br />January 15, 2009 <br />2009-2010 <br />$47,770.80 <br />January 15, 2010 <br />2010-2011 <br />$47,770.80 <br />January 15, 2011 <br />2011-2012 <br />$47,770.80 <br />January 15, 2012 <br />2012-2013 <br />$47,770-80 <br />January 15, 2013 <br />NOW, THEREFORE, in consideration of the above, the parties do hereby agree <br />as follows: <br />(1) The LCEDC covenants and agrees to expend the funds which are the <br />subject of this Agreement and perform services in consideration of the receipt of funds in <br />accordance with the purposes and/or under the restrictions and conditions as attached to <br />this Agreement and incorporated herein by reference. The LCEDC further agrees to <br />expend the CITY funds in accordance with the Budget for said funds attached hereto <br />which is incorporated herein by reference. Funds made available to the LCEDC pursuant <br />to this Agreement shall be expended only in accordance with the applicable federal, state, <br />and local laws. No change or alteration in the amount of the total Budget attached may be <br />made without the express approval of the City Council if the CITY amount changes. The <br />21 PAGE (3861 <br />17 of 27 <br />