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RESOLUTION REQUESTING GRAN-1 OF INCENTIVE FUNDS <br />FROM COUNTY OF LEE AND CITY OF SANFORD FOR <br />FRONTIER SPINNING LL.C PROJECT AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF <br />DOCUMENTS PERTAINING TO SAID PROJECT <br />WFIEREAS, the Board of Directors of the Lee County Economic Development <br />Corporation (hereinafter sometimes referred to as LCEDC) have received and considered <br />a request from Frontier Spinning LLC for incentive funds from the County of Lee <br />(hereinafter sometimes referred to as County) and the City of Sanford (hereinafter <br />sometimes referred to as City) for the retrofitting and equipping of a manufacturing <br />facility by Frontier Spinning FIX Company on property owned by it in Lee County and <br />City of Sanford, which will consist of retrofitting a building and equipment and will be an <br />investment of at least $10,000,000 and will provide additional employment; and <br />WHEREAS, the Board of Directors has determined that the development of the <br />project would further the economic development of the County and the City, would <br />provide gainful employment, and be in the best interests of the people of Lee County and <br />City of Sanford; and <br />WHEREAS, the Board of Directors finds that the project meets the criteria for <br />the incentives from the County and City; and <br />WHEREAS, $144.975.00 is being requested from the County and $104,382.00 <br />from the City for the retrofitting of the building and equipment; and for the aiding and <br />encouraging of the location of the facility in Lee County and City of Sanford; and <br />WHEREAS, there have been submitted to this meeting forms of proposed <br />agreements n his etv.~.,1S CompOCativn and d Life ~,C~itniy Of i ~.e2 n ' <br />, L uy U c <br />L Sanford and Frontier <br />Spinning LLC as follows: <br />Agreement between LCEDC and Frontier Spinning LLC regarding <br />incentive funds for Frontier Spinning LL.C project; and <br />2. Agreement between LCEDC and the County of Lee and the City of <br />Sanford for the grant of funds; and <br />WHEREAS, the Board of Directors of LCEDC deems it in the best interests of <br />the people of Lee County and City of Sanford to offer incentives to secure the Frontier <br />Spinning LLC project and if approved by the Board of Commissioners of Lee County and <br />Sanford City Council, to authorize the execution and delivery of the proposed agreement; <br />NOW. THEREFORE <br />0 <br />