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~~ ~ <br />May 11, 2011 <br />Rick White <br />President, AKG of America, Inc. <br />7315 Oakwood Street Extension <br />Mebane, North Carolina 27302 <br />Re: Plant Expansion -Orange County, North Carolina <br />Dear Mr. White: <br />Orange County is pleased to submit this proposal to support the expansion of AKG, North America, <br />Inc: s facility in Orange County, as detailed in your letter of April 29, 2011. Orange County does not <br />have a formalized policy in place, however the Board of County Commissioners wants to acknowledge <br />the importance of AKG's proposed investment and employment growth in Orange County and is <br />pleased to commit to the following general structure. <br />Based upon a minimum $3M investment in taxable facility, machinery and equipment, and the creation <br />of at least 90 new jobs over a period of five years, Orange County will award a $100,000 Business <br />Investment Grant to AKG, North America, Inc. payable at a rate of $20,000 annually over a period of <br />five years based upon the terms and approval of a formalized agreement. This grant award is in <br />addition to additional grant considerations to be provided by the City of Mebane and the State of North <br />Carolina. <br />Should AKG, North America, Inc. select Orange County as the expansion location, the County will <br />formalize a Business Investment Grant contract, subject to the public hearing requirements of North <br />Carolina General Statute X158-7.1 and the adoption of a formal agreement in a public vote by a majority <br />of Orange County Commissioners. <br />Orange County appreciates AKG's corporate presence, and Iooks forward to the opportunity for <br />continued discussions to-expand your presence in our community. Please feel free to contact me should <br />you have questions or need further clarification. <br />Sincerely, <br />Gary Shope, Director <br />Orange County Economic Development <br />11 <br />cc: Ms. Bernadette Pelissier, Chair, Orange County Board of Commissioners <br />Mr. Frank W. Clifton, Jr., Orange County Manager <br />Mr. John Roberts, Orange County Attorney <br />