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LEE I COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT <br />Meeting Date: February 20, 2017 <br />ITEM NO. III. A. <br />_ Information <br />XX Action Item + Public Hearing <br />Consent Agenda <br />Oia <br />SUBJECT: Hold a public hearing and vote on an incentive for Project <br />Panda <br />DEPARTMENT: Administration <br />CONTACT PERSON: Joy Thrash, CEO, SAGA <br />REQUEST: To hold a public hearing and vote on an incentive for Project <br />Panda <br />SUMMARY: The Lee County Board of Commissioners proposes to <br />participate in the cost of an economic development project, <br />Project Panda, which consists of a life sciences research and <br />product manufacturing process in the amount of $100 million <br />dollars and the hiring of 50 people over the five year life of the <br />project. The Board intends to consider investing up to <br />$1,412,715 of the cost of the project with revenues from the <br />County's General Fund. This project will stimulate the local <br />economy, promote additional business and result in the <br />creation of jobs and increased payroll. <br />BUDGET IMPACT: <br />$1,412,715 over five years <br />ATTACHMENT(S): Sanford Herald Notice for Public Hearing from February 10, <br />2017, Project Panda Local Incentive Estimate, and <br />Memorandum from CEO Joy Thrash dated February 8, 2017 <br />PUBLIC HEARING: Scheduled for the February 20, 2017 meeting <br />PRIOR BOARD ACTION: None <br />RECOMMENDATION: Hold public hearing and vote on incentive for Project Panda. <br />