2003 - 10-06-03 Regular Meeting - Laserfiche WebLink

Home Browse Search

o,$ J Ni 'U 19 F'FF 600 STATE OF NORTH CAROLINA ) COUNTY OF LEE ) AGREEMENT FOR THE GRANT OF COUNTY OF LEE FUNDS THIS GRANT AGREEMENT, made and entered into as of the day of , 2003, by and between the County of Lee, one of the counties of the State of North Carolina and a body both politic and corporate (hereinafter referred to as the "County"), and Lee County Economic Development Corporation, a North Carolina non- profit corporation (hereinafter referred to as the "LCEDC"); RECITALS: WHEREAS, The Challenge Printing Company, a North Carolina Corporation (the "Company") presently maintains its printing operations in the Town of Broadway, County of Lee, State of North Carolina; and WHEREAS, the retention and expansion of the printing operations of the Company in the County of Lee ("County") will provide a substantial increase in the ad valomm tax base of the and County and will substantially improve the economic development potential of said government unit by providing the presence of a company with commercial activities of a national scope in said units; and WHEREAS, the financial assistance being provided to the Company, as described in this agreement, is essential to inducing the Company to remain and expand its manufacturing operation in the County; and WHEREAS, the financial assistance being provided to the Company is reasonable and proportionate to the economic benefits to be realized by the County; and WHEREAS, LCEDC has requested funds for incentives for an economic development project by The Challenge Printing Company, a North Carolina corporation located in the Town of Broadway, Lee County, North Carolina, for a project which will consist of purchasing of manufacturing facility in Lee County, N.C.; upfitting the space; purchasing equipment and the transfer of personnel from its Broadway, North Carolina location and/or the employment of additional personnel which will result in an investment of Three Hundred Thousand and No/100 Dollars ($300,000.00) in the building and the investment of at least Two Million and No/100 Dollars ($2,000,000.00) in equipment and personal property, and WHEREAS, the County proposes to appropriate funds to pay said incentives as follows: