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BOOK 23 Pact 243 <br />LEE COUNTY <br />©ooota a©4oEu Ul~ <br />Committed Today for a Better Tomorrow <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS <br />FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING <br />AN AGREEMENT WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />RED WOLF LLC <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposed to participate in an economic development project with the Lee County <br />Economic Development Corporation which consists of participation in the cost of building renovation <br />and new machinery for a manufacturing facility located in Lee County, North Carolina; and <br />WHEREAS, the project represents an investment by Red Wolf LLC of at least $6,303,000.00 <br />and the creation of additional jobs in Lee County, North Carolina. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the <br />Board finds that the project will stimulate the local economy, promote business, and result in the <br />creation of jobs in the County; and estimates that the County will recover its consideration for the <br />project within five years or less taking into account prospective tax revenues from improvements on the <br />property, sales tax revenues generated in the area, as well as other prospective tax revenues or <br />income coming to the County as a result of the project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it hereby <br />approves the attached agreement between the County of Lee and Lee County Economic Development <br />Corporation and the Chairman and Clerk to the Board are hereby authorized to execute the agreement <br />on behalf of the County. <br />Adopted this 2nd day of November 2009. <br />Richard B. Hayes, Chairma <br />Lee County Board of Commissioners <br />