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0 ooox 18 PAGE .{98 Economic Development Incentive Policy Purpose Lee County Economic Development Corporation in cooperation with the governing bodies of the Town of Broadway, the City of Sanford, and Lee County may provide various financial incentives for companies seeking to relocate or expand business in Lee County. The incentive program is designed to stimulate development by offsetting up front costs and operating expenses associated with business relocation or expansion. Annual Review Lee County Economic Development Corporation in cooperation with the above referenced governing bodies will review this policy annually. The purpose for the review is to determine the competitive nature of the policy and to determine if the wage tests are compatible with current average wages as reported to the Employment Security Commission. Qualiflcations Business and Industry • A business will be defined as any company that engages in manufacturing or processing, warehousing or distributing, data processing or a central administrative office as those terms are defined in the Standard Industrial Classification Manual issued by the United States Office of Management and Budget. • New capital investment of at least S5 million or expansion capital investment of at least 3-1.0 million. • Creation of quality, head of household jobs. • A central administrative office must create at least 40 new jobs. • Certification by the company that without a grant based on the Lee County Incentive Policy, the company would not site its project in Lee County. • A small business will be defined as any company with an investment of a minimum of 5500,090'$30 000 and engaged in activities such as telecommunication, research and development, bio-technology, or information technology areas. Adopted by Lee County Board of Commissions, City of Sanford Council, and Town of Broadway Board of Commissioners 1998 Page 1 of3