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' 4 3 <br />1! <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. IV. A. <br />XX Information <br />Meeting Date: May 22, 2014 _ Action Item <br />Consent Agenda <br />SUBJECT Public Hearing for Incentive Grant for Project "Spring" <br />DEPARTMENT Economic Development <br />CONTACT PERSON Crystal Morphis, Interim Economic Development Director <br />REQUEST Conduct Public Hearing for Project "Spring" <br />SUMMARY Notice has been given that the Lee County Board of <br />Commissioners is considering a cash incentive grant to Project <br />"Spring ", an economic development project. The project will <br />invest $13.5 million in the county and create 105 jobs at an <br />annual average wage of $38,096. The cash incentive grant <br />will be up to $233,460 to be paid over 5 -years with revenues <br />from the Lee County General Fund. <br />BUDGET IMPACT <br />ATTACHMENT(S) 1) Notice from May 10th Sanford Herald <br />2) Draft Incentive Agreement <br />PUBLIC HEARING Yes <br />PRIOR BOARD ACTION N/A <br />RECOMMENDATION Conduct public hearing as advertised for this date and time <br />