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12 <br /> MEMORANDUM OF AGREEMENT <br /> THIS MEMORANDUM OF AGREEMENT is between THE ORANGE COUNTY <br /> INDUSTRIAL FACILITIES -AND POLLUTION CONTROL FINANCING AUTHORITY, <br /> a political subdivision and body corporate and politic of the <br /> State of North Carolina (the "Authority") , and MEBANE PACKAGING <br /> CORPORATION, a North Carolina corporation ( "Company" ) . <br /> 1 . PRELIMINARY STATEMENT. Among the matters of mutual <br /> inducement which have resulted in the execution of this <br /> Memorandum of Agreement are the following: <br /> (a) The Authority is a political subdivision and body <br /> corporate and politic of the State of North Carolina duly <br /> created pursuant to the provisions of Article V, Section 9 <br /> of the Constitution of North Carolina and Chapter 159C of <br /> the General Statutes of North Carolina, as amended (the <br /> "Act" ) and is a political subdivision of a state entitled to <br /> issue a state or local bond within the meaning of Section <br /> 103 (c) of the Internal Revenue Code of 1986 , as amended (the <br /> "Code") , or a constituted authority authorized to issue <br /> obligations for and on behalf of such a political <br /> subdivision, all within the meaning of the applicable <br /> regulations under the Code. <br /> (b) The Company proposes to construct an approximately <br /> 60 , 000 square foot manufacturing building addition and to <br /> install a printing press and other equipment in such <br /> addition to be used to manufacture packaging for products <br /> for retail sale (the "Project") . The Project will be <br /> located on property -owned by the Company on Oakwood Street <br /> Extension, Mebane Industrial Park, Orange County, North <br /> Carolina. <br /> (c ) The Company expects that the Project may cost as <br /> much as $5 , 500, 000 inclusive .of construction period <br /> interest, underwriting discount or commissions, and legal, <br /> accounting, financing and printing expenses . <br /> (d) The Company has determined that as a result df the <br /> Project, approximately 46 jobs will be created. <br /> (e) The Company expects to pay an average weekly <br /> manufacturing wage either (i) in excess ofthe average <br /> weekly manufacturing wage in Orange County or (ii) not less <br /> than 10% above the average weekly manufacturing wage paid in <br /> the State . <br /> ( f) The Company has requested the Authority to enter <br /> into this Memorandum of Agreement for the purpose of <br /> declaring the Authority's intention to provide financing to <br /> pay all or a portion of the cost of the Project. <br />