Minutes - 1-6-14 Reg. Meeting - Laserfiche WebLink

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BK:00026 PG - 0240 LEE COUNTY Committed Today for a Better Tomorrow INCENTIVE AGREEMENT WITH INCORPORATED PROMISSORY NOTE $ 150,000 Date: Sanford, N. C. This Incentive Agreement with Incorporated Promissory Note (the "Agreement') is made and entered into as of the day of January, 2014, by and between the County of Lee, a body both politic and corporate of the State of North Carolina (hereinafter "County "), and Fitzpak, Inc. (hereinafter "Borrower "), a New Jersey Corporation authorized to do business in North Carolina. WHEREAS, Borrower desires to expand its business by acquiring the Redman Building Property, located at 298 Harvey Faulk Road in Lee County, North Carolina; and, WHEREAS, the Borrower has requested the County to provide it a zero interest loan of up to $150,000 to make certain improvements to the Redman Building Property pursuant to the terms of this Agreement; and WHEREAS, such expansion will create new jobs and an investment in taxable property in the County of Lee; and, WHEREAS, but for this loan, Borrower would not expand its business to Lee County and such jobs and investment in the County would not be realized; and, WHEREAS, the County desires to encourage economic growth and development within the County; and, WHEREAS, pursuant to North Carolina General Statues §158-7.1(a), which allows local governments to make appropriations for economic development purposes at the discretion of the governing body, the County is willing to loan Borrower an amount up to $150,000 to be used for the sole public purpose of building renovations and infrastructure improvements to the Redman Building Property in order to facilitate the expansion of said business, thereby creating new jobs and taxable investment in the County.