Laserfiche WebLink
070 <br />~J <br />mss,,- r-1 <br />Purpose <br />Under the authority of NCGS 158-7.1 and in order to remain competitive in <br />recruiting new industry and retaining expansions of existing businesses currently <br />located in Lee County, the Lee County Economic Development Corporation, in <br />cooperation with the governing bodies of the Town of Broadway, City of Sanford, <br />and Lee County, may provide various financial investments for companies seeking <br />to relocate or expand business in Lee County. These investments are designed <br />to stimulate development. Businesses or industries receiving benefits under these <br />guidelines are asked to encourage their leadership or management to consider <br />residing in Lee County. <br />Qualifications <br />Each project will be considered on a case-by-case basis, provided they meet all <br />the following criteria: <br />• Project must involve a facility used for mining & mining support, <br />manufacturing, wholesaling, transportation & warehousing, information <br />services and data processing services, finance and insurance, professional, <br />or central office- <br />• Capital investment for a new project of at least $5 million or capital <br />investment of an expansion of an existing business of at least $1 million: <br />• Creation or retention of quality jobs paying at least 100% of the average <br />wage for the applicable industry sector in Lee County. <br />Exclusions <br />No project will be considered for a grant if any of the following apply: <br />• That company, parent, subsidiary, or affiliated company is not current in all <br />ad valorem tax payments to the County- <br />• The project would result in a net reduction of the ad valorem tax valuation of <br />all facilities in the County owned by the company. <br />• If the company assigns the grant to another company without prior written <br />consent of the EDC Board and the governing boards. <br />• The project poses a significant risk of hazard to or degradation of the <br />environment. <br />Use of Grant Funds <br />Funds can be used for any purpose under NCGS 158-7.1, including, but not <br />limited to, site acquisition, site preparation, internal and external infrastructure, site <br />® improvements, job training or other purposes which leave value in the community. <br />It is in the complete discretion of the governing bodies whether to make any <br />economic development investment grant. <br />25 oC25 <br />