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BOOK 23 PAGE 733 RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN ErrWnAiT T_ /lnT Tm - v...i.~ Li.-.-i;i,vT iriui-T 1 i~v~r T rV1vlJ .'Hl"1'SCV V11V li L11V Ali2CY.L1VLN,1V WITH THE LEE COUNTY ECONONHC DEVELOPMENT CORPORATION NIAGNETI NIARELLI USA WHEREAS, notice of a public hearing was published that the Lee County Board of Commissioners proposed to participate in an economic development project with the Lee County Economic Development Corporation which consists of participation in the cost of retrofitting of space and the cost of new machinery for a manufacturing facility located in Sanford, Lee County, NC; and WHEREAS, the project represents an investment by Magneti Marelli USA of at least $21,000,000.00 and the creation of up to an additional 35 jobs in Sanford, Lee County, NC. NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the Board finds that the project will stimulate the local economy, promote business, and result in the creation of jobs in the County; and estimates that the County will recover its consideration for the project within five years or less taking into account prospective tax revenues from improvements on the property, sales tax revenues generated in the area, as well as other prospective tax revenues or income coming to the County as a result of the project. BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it hereby approves the attached agreement between the County of Lee and Lee County Economic Development Corporation and the Chairman and Board Clerk are hereby authorized to execute the agreement on behalf of the County. This action is effective this the day of October, 2010. 'Q- 'c Richard B. Hayes, Chairman, Lee County Board of Commissioners ATTEST: Ga ne iN/l. Lee,, Clerkd r lto i e B and i k'&La-J~' - K_R. Hoyl un y Attorney