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cook 18 cl 198 021 RESOLUTION REQUESTING GRANT OF INCENTIVE FUNDS FROM COUNTY OF LEE AND CITY OF SANFORD FOR THE MOEN INCORPORATED PROJECT AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS PERTAINING TO SAID PROJECT WHEREAS, the Board of Directors of the Lee County Economic Development Corporation (hereinafter sometimes referred to as LCEDC) have received and considered a request from Imperial Freezer Services, LLC, for incentive funds from the County of Lee (hereinafter sometimes referred to as County) and the City of Sanford (hereinafter sometimes referred to as City) for the renovation and modification of an existing manufacturing facility by Moen, Incorporated, on property owned by it in the City of Sanford, Lee County, which will consist of a.new building containing not less than 70,000 square feet which will increase the size of the facility to 350,000 square feet and the land, building, improvements and equipment will be an additional investment of at least $30,300,000.00; and WHEREAS, the Board of Directors has determined that the construction of the project would further the economic development of the City and County, would provide gainful employment, and be in the best interests of the people of Lee County; and WHEREAS, the Board of Directors finds that the project meets the criteria for the incentives for the County and the City; and WHEREAS, the cost of the site preparation for the project is estimated to be $829,000.00, $467,989.00 being requested from the County and $361,911.00 being requested from the City; and WHEREAS, the Board of Directors of LCEDC deems it in the best interests of the people of Lee County to offer incentives to secure the Moen, Incorporated, project and if approved by the governing bodies of the County and City, to authorize the execution and delivery of the proposed agreement; NOW, THEREFORE BE IT RESOLVED by the Board of Directors of LCEDC as follows: 1. That it hereby requests a grant from the City of Sanford for $361,911.00 and a grant from the County of Lee for $467,989.00 to provide financial incentives for the Moen, Incorporated, project as hereinbefore described. 2. That if a grant is authorized by the City Council of the City of Sanford, then the agreement for the grant of City funds in the form submitted to this meeting is hereby approved and the President is delegated the authority to complete the form by inserting the appropriate names and amounts within the limits set by the grant and then he is hereby authorized and directed to execute and deliver and the Secretary is hereby authorized to attest and acknowledge the agreement substantially in such form with such