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C~ <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. VII. D <br />_ Information <br />Meeting Date: November 2, 2009 XX Action Item <br />Consent Agenda <br />• <br />SUBJECT: Economic Development Agreement between Lee County Economic <br />Development Corporation and Frontier Spinning LLC <br />DEPARTMENT Economic Development <br />CONTACT PERSON: Bob Heuts, Economic Development Director <br />REQUEST: Approve Economic Development Agreement between Lee County <br />Economic Development Corporation and Frontier Spinning <br />SUMMARY: A public hearing was held to consider an economic development <br />agreement between the Lee County Economic Development Corporation and Frontier Spinning <br />for a 5-year, 50% grant sharing up to $144,975.00 in county funding. <br />The Lee County Economic Development Corporation approved a resolution requesting grant of <br />incentive funds at their October 21, 2009 meeting. <br />BUDGET IMPACT: $144,975.00 <br />ATTACHMENT(S): (1) Resolution adopted by EDC Board on October 21, 2009 <br />(2) Contract for economic development project between the Lee <br />County Economic Development Corporation and Frontier <br />Spinning <br />(3) Resolution authorizing expenditure of funds for Frontier <br />Spinning economic development project <br />PUBLIC HEARING: Held earlier in meeting <br />PRIOR BOARD ACTION: N/A <br />RECOMMENDATION: Approve contract as presented for Lee County Economic <br />Development Corporation to enter into agreement with Frontier Spinning <br />\J <br />