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3 <br />Return to: Geoff( E. Gledhill, P.O. Drawer 1529,( - llsborouoh, NC 27278 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />THIS LEASE AGREEMENT made and entered into as of-the 3rd <br />day of June 19 97 by and between the COUNTY OF ORANGE, <br />NORTH CAROLINA, a political subdivision of the State of North <br />Carolina, having its principal officio at 208 South Cameron <br />Street, Hillsborough, North Carolina, hereinafter sometimes <br />referred to as "Landlord," and BUILDERS' SUPPLY & LUMBER COMPANY, <br />INC., a Michigan corporation having its principal office in <br />Fredrick, Maryland, hereinafter referred to as "Tenant;" <br />WHEREAS, on or about October 1,1997, Landlord anticipates <br />becoming the owner of the property, including a building and <br />other structures and facilities located thereon, which is <br />described in Exhibit A attached hereto and made a part hereof <br />(which property is herein sometimes referred to as "the <br />Premises "), as provided in and explained in the DECLARATION which <br />is Exhibit B; and <br />WHEREAS, it is anticipated that the present tenant of the <br />Premises, Georgia- Pacific Corporation, will not exercise its <br />right to renew its lease beyond October 1, 1997 and will vacate <br />the premises no later than October 1, 1997; and <br />WHEREAS, Tenant has expressed an interest in leasing the <br />Premises from Landlord on a long term basis; and <br />WHEREAS, on April 1, 1996, Landlord conducted a public <br />hearing pursuant to North Carolina General Statutes § 158 -7.1, <br />following --publication ....of- notice of that- public - hearing at least - <br />ten days before the hearing was held, for the purpose of <br />receiving public comment on a proposed long term lease between <br />Landlord and Tenant; and <br />WHEREAS, at that public hearing information- was provided by <br />or on behalf of Tenant as follows: <br />1. approximately 60 to 70 employees will be hired by <br />Tenant and employed at the Premises during the first year of <br />occupancy by Tenant; approximately 90 to 100 employees will be <br />hired and employed at the Premises by Tenant within two to three <br />years following occupane� of the property by Tenant; <br />2. wage rates for the employees of Tenant to be employed <br />at the Premises are projected to average $12.80 per hour for all <br />employees and $9.13 per hour excluding salaried, managerial/ <br />supervisor positions; <br />3. Tenant will invest approximately $8.6 million in the <br />local economy of Landlord within the first three years of its <br />occupancy of the Premises. Specifically, it will invest $2.14 <br />1 BK <br />PG <br />i <br />