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MEMORANDUM OF AGREEMENT This MEMORANDUM OF AGREEMENT is between The Cabarrus County Industrial Facilities and Pollution Control Financing Authority, a political subdivision and body corporate and politic of the State of North Carolina ~the Authority).,-.and--Pla~tics--Manufac-tu.r~ng, Inc., a North Carolina corporation (the Company). 1. Preliminary Statement. Among the matters of mutual in- ducement and reliance which have resulted in the execution of this Memorandum of Agreement are the following: (a) The Authority is a political subdivision and body corporate and politic of. the State of North Carolina duly created pursuant to the provisions of Article V, Section 9 of the Constitution of North Carolina and' Chapter 159C of the General Statutes of North Carolina, as amended (the Act) and is a political subdivision of a state within the meaning of Section 103(a)(!) of the Internal Revenue Code of 1954, as amended (the Code), or a constituted authority authorized to issue obligations for and on behalf of such a political subdivision, all within the meaning of the applicable regula- tions under the Code. (b) The Company proposes to acquire an ll-acre parcel of improved real property on Highway 49-North approximately one mile north of Harrisburg, North Carolina, together with an existing structure on such property and to expand and renovate such existing structure, or in lieu thereof to construct a 20,000 to 25,000 square foot addition to the Company's existing plant facility at 531, Highway 49-South, Harrisburg, No~th Carolina. The Company also proposes to acquire machinery and equipment for plastic injection molding and other plastic fabrication processes, and to install such machinery and equipment either in the structure to be acquired or in the Company's existing plant facility as expanded. Such land, building, building addition, machinery and equipment shall be referred to in this Memorandum as the "Project." (c) The Company expects that the Project will cost proximately $1,500,000 inclusive of interest during the per- iod of construction and for one year thereafter, underwriting discounts or commissions, if any, and legal, accounting, financing and printing expenses. (d) The Company expects that the Project will create employment for an additional ~ persQn~4~in Cabarrus county and the surrounding area. /~ (e) The Company expects to~pa-~7-~ average weekly manu- facturing wage in excess of the average weekly manufacturing wage in the County.