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Minutes - 1-27-14 Emerg. Called Meeting
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Minutes - 1-27-14 Emerg. Called Meeting
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BK - 00026 PG:0335 <br />LEE COUNTY <br />Sou thern Base of th e Research Tria Region <br />Sanford -Lee County Partnership for Prosperity <br />Financial Incentive Information <br />State and local financial incentive programs are designed to support long -term, sustainable <br />investment in our community. Lee County, Sanford, and Broadway have economic growth and <br />development policies that allow flexibility to create an incentive plan based on the particular <br />needs of the project. Each of these jurisdictions is required by law to conduct separate public <br />hearings for and to vote independently on each grant consideration. A summary of the <br />Partnership's financial incentive parameters follows: <br />1. The impact that a project will have, both positive and negative, on existing Sanford - Lee <br />County businesses and the overall economy will be a part of the consideration by each <br />jurisdiction in determining whether or not to offer a financial incentive. <br />2. Financial incentives will not be offered to any business or business unit of a company <br />presently operating in another county of North Carolina for the exclusive purpose of <br />recruiting that business or business unit to relocate to Sanford - Lee County. Companies <br />expanding due to facility obsolescence may be considered. <br />3. Any company receiving a financial incentive must commit to continue operations without <br />seasonal variations that cause its number of jobs to fall below required levels for the <br />duration of the incentive agreement period. <br />4. New or expanding businesses must create new jobs in Sanford - Lee County to be <br />considered for a financial incentive. Businesses will be required to show proof of job <br />creation and be subject to random audits for verification. <br />5. Each job counted towards the financial incentive must be a fulltime employee defined as <br />a person employed at 35 hours or more a week with a salary or wage package that <br />includes health benefits. These must be positions reported monthly by the company to <br />the state's Department of Commerce, Division of Workforce Solutions. <br />6. Both new and existing businesses must create new investment in Sanford - Lee County to <br />be considered for a financial incentive. The table below lists different investment and job <br />creation thresholds that qualify and their respective grant periods. Under any level, the <br />investment must be verified as taxable property under North Carolina law by the Lee <br />County Tax Office. <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 />
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