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10 <br />THIS MEMORANDUM OF AGREEMsCONTROL between <br />FTNANOCNGGAUTHORITY, <br />INDUSTRIAL FACILITIES AND POLLUTION cor orate and politic of the <br />a political subdivision atheb° Authority"); and MEBANE PACKAGING <br />State of North Carolina ( "Cam an <br />CORPORATION, a North Carolina corporation ( p y " )• <br />Among the matters of mutual <br />1. <br />inducement which have resa��ttheifollowing�ution of this <br />Memorandum of Agreement <br />ity is a political subdivision and body <br />(a) The Author <br />corporate and politic of the State of North Carolina duly <br />sions <br />created pursuant to the provi n Article Section 9 <br />t <br />of the Constitution of North Carolina anasCamendedl(theof <br />the General Statutes of North Carolina, <br />"Act ") and is a political subdivision of a state eStitld to <br />issue a state or local bond within the meaning of <br />103(c) of the Internal Revenue C de f1986, astamended (the ssue <br />'Code "), or a constituted y political <br />obligations for and on behalf of such a P licable <br />subdivision, all within the meaning of the app <br />regulations under the Code. <br />ro oses to b) The Company P construct an approximately P addition and to <br />60,000 square foot manufacturing building ad ad in such <br />install a printing press and other equipment products <br />addition to be used to manufactureThecProjec for <br />Project be� <br />for retail sale (the "Project "). <br />owned by the .Company on Oakwood Street <br />located on property Count North <br />Extension, Mebane Industrial Park, Orang e y► <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 of 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 of,the 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 e of enter <br />into this Memorandum of Agreement for the purpose <br />declaring the Authority's intention to provide financing to <br />pay all or a portion of the cost of the Project. <br />