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04? <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />SCORE ENERGY <br />WHEREAS, notice of a public hearing was published that the County of <br />Lee proposed to participate in an economic development project with the Lee <br />County Economic Development Corporation which consists of participation in the <br />cost of equipping a manufacturing facility located in the City of Sanford, Lee <br />County, NC; and <br />WHEREAS, the project represents an investment by Score Energy of at <br />least $2,500,000.00 and will create additional jobs in the City of Sanford, Lee <br />County, NC. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of <br />Commissioners that the Board finds that the project will stimulate the local <br />economy, promote business, and result in the creation of jobs in the County, and <br />estimates that the County will recover its consideration for the project within five <br />years or less taking into account prospective tax revenues from improvements to <br />be constructed on the property, sales tax revenues generated in the area, as well <br />as other prospective tax revenues or income coming to the County as a result of <br />the project. <br />-BE IT FURTHER RESOLVED by the Lee County Board of <br />Commissioners that it hereby approves the attached agreement between the <br />County of Lee and Lee County Economic Development Corporation and the <br />Chairman of the Board of Commissioners and County Clerk are hereby <br />authorized to execute the agreement on behalf of the County. <br />Adopted this 15th day of June 2009. <br />Richard B. Hayes, Chairman <br />ATTEST: Lee County Board of Commissioners <br />Gaynell M. Lee, Clerk <br />