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MOK PAf F - 7 <br />Lee County, City of Sanford and Town of Broadway <br />Economic Development Incentive Policy <br />Purpose <br />Under the authority of NCGS 158-7.1 and in order to remain competitive in recruiting <br />new industry and retaining expansions of existing businesses currently located in Lee <br />County, the Lee County Economic Development Corporation, in cooperation with the <br />governing bodies of the Town of Broadway, City of Sanford, and Lee County, may <br />provide various financial investments for companies seeking to relocate or expand <br />business in Lee County. These investments are designed to stimulate development. <br />Businesses or industries receiving benefits under these guidelines are asked to <br />encourage their leadership or management to consider residing in Lee County. <br />Qualifications <br />Each project will be considered on a case-by-case basis, provided they meet all the <br />following criteria: <br />• Project must involve a facility used for mining & mining support, manufacturing, <br />wholesaling, transportation & warehousing, information services and data <br />processing services, finance and insurance, professional, or central office. <br />• Capital investment for a new project of at least $5 million.or capital investment of <br />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 wage for <br />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 ad <br />valorem tax payments to the County. <br />• The project would result in a net reduction of the ad valorem tax valuation of all <br />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 limited to, <br />site acquisition, site preparation, internal and external infrastructure, site improvements, <br />job training or other purposes which leave value in the community. It is in the complete <br />discretion of the governing bodies whether to make any economic development <br />investment grant. <br />26 of 26 <br />