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LEE COUNTY 011 <br />RAN <br />W 2, t f AFAINNI <br />Southern Base of the Research Triangle Region <br />MEMORANDUM <br />To: John Crumpton, Lee County Manager <br />From: Donnie Oldham, EDC Chair <br />Date: September 23, 2013 <br />Subj.: EDC Loan Request <br />In May, the Board of Commissioners approved a Memorandum of Understanding with <br />the EDC that outlined a path to develop a new public - private economic development <br />organization. Item 4 was a loan from the County to the EDC of up to $150,000 to "cover <br />the cost of planning and private sector fundraising." <br />The EDC Board voted unanimously at its September meeting to request the loan from <br />the County. At this time the EDC only requires $30,000 to cover the cost of the <br />fundraising assessment; however, it requests the full amount be authorized to allow the <br />EDC to draw down as needed. <br />The MOU stated there would be a five -year repayment schedule. The EDC requests <br />that repayment begin in the fiscal year following the completion of the fundraising <br />campaign and that payments be spread equally over the five year period. <br />The fundraising assessment is anticipated to being in early November so the funds <br />would need to be available at that time. <br />Economic Development Corporation <br />P.O. Box 1968 • Sanford, NC 27331 -1968 • Phone: 919.774.8439 • Fax: 919.775.5410 • info@lcedc.com <br />