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2001 - 05-07-01 Regular Meeting
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2001 - 05-07-01 Regular Meeting
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Board of Commissioners
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a 0 <br />cox A cF -97 <br />Contribution Levels <br />A <br />Lee County <br />Businesses and industries which meet the criteria established above will be eligible for <br />consideration for incentives where the Board of Commissioners deems appropriate as <br />follows: <br />• A maximum contribution of 50 percent of the increased tax revenue for five years. <br />The entitlement period shall be determined by negotiation between Lee County <br />Economic Development Corporation, Lee County, and the company. <br />The contribution will also be based on the quality of jobs created. Wage rates for <br />existing businesses will be based on company's average weekly wage as reported to <br />the Employment Security Commission. See schedule below for percentages of funds <br />allocated: <br />Wage Rates Percent of Total <br />$9.00 10:00 -5"o <br />$10.00-12.00 75% <br />$12.00+ 100% <br />The contribution will also be based on company's average weekly wage as reported to <br />the Employment Security Commission. See schedule below for percentages of funds <br />allocated: <br />Wage Rates <br />$9.00 10:00 <br />$10.00-12.00 <br />$12.00+ <br />B <br />Percent of Total <br />-5"o <br />75% <br />100% <br />• Upon approval, allocated funds can be used for any item as stated in N.C. Gen. Stat. <br />158-7.1. <br />City of Sanford <br />Business or industries which meet the criteria established above will be eligible for <br />additional incentives if they expand or locate within the corporate limits of the City of <br />Sanford when the City Council deem it appropriate as follows: <br />• A maximum contribution of 50 percent of the increased tax revenue for five years. <br />015 <br />Adopted by Lee County Board of Commissions. <br />City of Sanford Council, and Tom of Broadway <br />Board of Commissioners 1998 <br />Page 2 of 3 <br />
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