Agenda - 05-20-2008-4s - Laserfiche WebLink

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~D million in equipment and improvements to the Premises, $3 million in inventory .,that will be located at the Premises and $3.5 million in accounts receivable; 4. local (2~} sales tax .revenues of approximately $220,Opp are projected £or the first year followa.ng occupancy by Tenant in the Premises. Sales. tax revenues are projected Ga increase to $34p.,0pp by the conclusion of the second year of occupancy and $4p0,Op~ at the cone usidn of the third year of occupancy; and WHEREAS, Landlord, by resolution an November 19, 1996., made the determrsati:ons that: ti) the value of the lease payments to be made to Landlord :together with the value of the real property; equipment and sales taxes to be paid to Landlord as the result of the proposed long term Tease, will be equal to or greater than the fair market value of the leasehold interest conveyed, as determined by a market survey of similar facilities in the area., and iii} Landlord. determined that the leasing of this property to Tenant will stimulate the local economy, promote business, .and result i.n the creation of a substantial number of jobs in Orange County at ar.abave the "median average" wage in Orange County. A copy of the November 29, 1996 resolution is attached hereto as Exhibit C and made a part hereof; and WHEREAS, the total lease payments to be-paid to Landlord as the result of the proposed long term leas e. between it and Tenant together with. the covenants of Tenant contained herein are adequate consideration to Landlord for the proposed long term: leas e. of the Premises.. W Z T'IJ E S S E T H: In consideration of the rents to be paid to Landlord by Tenant, as hereinafter provided,: and of the other covenants. and agreements upon the part of Landlord and Tenant to be kept and performed, Landlord hereby demised and leases t:o Tenant, and Tenant leases and takes .from Landlord. the Premises as defined herein. 1: The Premises means the real estate and other .rights described in Exhibit A hereto and elsewhere in this Lease and any lease supglement:ng this Lease, together with all additions thereto ancx' substitutions therefore less such real estate, interest im real estate and other rights as may be released pursuant to Paragraph 8 of this Lease, ar taken by the exercise of the power of eminent domain as provided in Paragraph ?.b. of this Lease. 2. Term of Lease- Rirxha of First Refusal: a. The. Premises is presently owned by the Industrial. Development Corporation in the County of Or:arige, North Carolina, a North: Carolina non-profit corporation, whose principal place of business is located in Orange County, North Carolina, and i 2