Project Iceman Economic Development Incentive Agreement

Background Company to Develop and Manufacture/Assemble Thermal/Electric Solar Products Essentially Start Up Company with Multiple Equity Investors Looking at Palm Coast and other Locations Plans to Create 180 Primary Jobs and Invest over $49 Million in Next 3 Years –High Technology, Research/Development, and Manufacturing/Assembly –Above Flagler County Average Annual Wage State and Local Incentives Crucial to Location Decision

State Incentives Enterprise Flagler Pursing State Incentive Package –Qualified Target Industry Tax Credit City Council Approved Resolution on November 16, 2010 Waiver of Local Match (Rural County) –State Incentives are Performance Based

Local Incentives Tax Abatement for Local Jobs –10 Year Schedule –Formula Based on Number of Local Employees Fiscal YearPercentage for Each JobMaximum 2010/ %100% 2011/ %100% 2012/ %100% 2013/ %100% 2014/ %85% 2015/ %70% 2016/ %55% 2017/ %40% 2018/ %20% 2019/ % 10%

Local Incentives 90% Discount on Building Permit Fees Skilled Job Relocation Cost Reimbursement –50% of Actual Costs, Not-to-Exceed $1,500 per Employee –Must Relocate from Outside Flagler County –Annual Wage must exceed 200% of Flagler County Annual Wage –Limited to Twenty (20) Employees Expedite Permitting Possible Future Agreements to Promote Products

Project Iceman Economic Development Incentive Agreement