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BOOK 21 PIGE 655 <br />C. The project consists of the retrofitting of a building and purchase <br />of additional equipment for Caterpillar on property owned by <br />Caterpillar in Lee County Industrial Park in Lee County, North <br />Carolina, which will consist ofa building containing not less than <br />50,000 square feet and the land, building and equipment will have <br />a cumulative initial ad valorem taxable value (prior to <br />depreciation) of at least $1,630,000.00 and will result in the <br />retention and creation of 6 jobs. <br />d. The Company presently intends to operate the project as a training <br />facility within the County until the County receives the prospective <br />tax revenues from the improvements to be constructed on the <br />property which were contemplated in arriving at the consideration <br />that is received pursuant to this Agreement. <br />e. The financial assistance being provided to the Company pursuant <br />to this agreement was significant in inducing the Company to <br />construct this Administration facility in the County. <br />f The Company has been informed and understands that <br />reimbursement will be made only for expenditures for work <br />performed on or after the execution of this document. <br />2. The agreements between LCEDC and the County (Exhibits "A" and "B") <br />are incorporated by reference into this Agreement; where Caterpillar has <br />the opportunity to cure any reporting deficiency of LCEDC prior to the <br />County taking action. <br />3. The Company agrees as follows: <br />a. To the terms of the agreement in Exhibit "A", to the extent it <br />describes obligations and performance to be undertaken by the <br />Company in the construction ofa training building. <br />b. To provide, upon request, to LCEDC good and sufficient, certified <br />and auditable, evidence of the Company's compliance with the <br />terms and conditions of this agreement and sufficient for LCEDC's <br />compliance with those agreements in Exhibit "A". <br />c. If the project as described in this Agreement and the attached exhibits <br />does not meet the standards for the incentive paid as set out in <br />Attachment "C" to Exhibit "A" which is hereto attached, that is to say: <br />3of16 <br />