Orange County NC Website
Browse       Search
million in equipment and improvements to the Premises , $ 3 million <br /> in in that will be located at the Premises and $ 3 . 5 <br /> Million in - accounts receivable ; <br /> 4 . local ( 1 % ) sales tax revenues of approximately $ 220 , 000 <br /> are projected for the first year following occupancy by Tenant in <br /> the Premises . Sales tax revenues are projected to increase to <br /> $ 340 , 000 by the conclusion of the second year of occupancy and <br /> $ 400 , 000 at the conclusion of the third year of occupancy , and <br /> WHEREAS , Landlord , by resolution on November 19 , 1996 , made <br /> the determinations that : ( 1 ) the value of the lease payments to <br /> be made to Landlord together with the value of the real property , <br /> equipment and sales taxes to be paid to Landlord as the result of <br /> the proposed long term lease , will be equal to or greater than <br /> the fair market value of the leasehold interest conveyed , as <br /> determined by a market survey of similar facilities in the area , <br /> and ( ii ) Landlord determined that the leasing of this property to <br /> Tenant will stimulate the local economy , promote business , and <br /> result in the creation of a substantial number of jobs in Orange ' <br /> County at or . above the " median average " wage in Orange County . A <br /> copy of the November 19 , 1996 resolution is attached hereto as <br /> Exhibit C and made a part hereof ; and <br /> WHEREAS , the total lease payments to be paid to Landlord as <br /> the result of the proposed long term lease between it and Tenant <br /> together with the. covenants of Tenant contained herein are <br /> adequate consideration to Landlord for the proposed long term <br /> lease of the Premises . <br /> w I T N E S S E T H : <br /> In- consideration of the -rents - to - be - pa-i: d . to Landlord . .by . . . . . . . . . : <br /> Tenant , as hereinafter provided , and of the other covenants and <br /> agreements upon the part of Landlord and Tenant to be kept and <br /> performed , Landlord hereby demises and leases to Tenant , and <br /> Tenant leases and takes from Landlord the Premises as defined <br /> herein . <br /> 1 . The Premises means the real estate and other rights <br /> described in Exhibit A hereto and elsewhere in this Lease and any <br /> lease supplementing this Lease , together with all additions <br /> thereto and substitutions therefore less such real estate , <br /> interest in real estate and other rights as may be released <br /> pursuant to Paragraph 8 of this Lease, or taken by the exercise <br /> of the power of eminent domain as provided in Paragraph 7 . b . of <br /> this Lease . <br /> 2 . Term of Lease ; Right of First Refusal . <br /> a . The Premises is presently owned by the Industrial <br /> Development Corporation in the County of Orange , North Carolina , <br /> a North Carolina non - profit corporation , whose principal place of <br /> business is located in Orange County , North Carolina , and is <br /> 2 <br />