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0 acoK 17 P .-GE 742 <br />Aye: Adams, Garner, Hincks, Matthews, Paschal, Reives, and Sauls <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />The Board considered matters pertaining to the American Cyanamid Company. <br />Economic Development Director Bob Hems told the Board that a public hearing was <br />held during the last Commissioners' meeting concerning the proposed expansion of <br />Wyeth-Lederle in Lee County. A grant request in the amount of 5690,336 is <br />recommended to be paid out over a five-year period beginning in July, 2002. <br />Commissioner Sauls moved approval of the following resolution: <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />AMERICAN CYANAMID COMPANY <br />WHEREAS, notice of a public hearing was published that the County of Lee <br />proposed to participate in an economic development project with the Lee County <br />Economic Development Corporation which consists of participation in the cost of site <br />preparation at the American Cyanamid Company vaccine manufacturing facility located <br />at the Lee County Industrial Park in the County of Lee; and <br />WHEREAS, American Cyanamid Company will renovate and expand its <br />vaccine manufacturing facility on the site which will represent an investment by <br />American Cyanamid Company of at least $47,500,000 and create at least 20 additional <br />jobs in the County of Lee. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of <br />the County of Lee that the Board finds that the project will stimulate the local economy, <br />promote business, and result in the creation of a substantial number of jobs in the <br />County; and estimates that the County will recover its consideration for the project <br />within five years or less taking into account prospective tax revenues from <br />improvements to be constructed on the property, sales tax revenues generated in the <br />area, as well as other prospective tax revenues or income coming to the County as a <br />result of the project. <br />BE IT FURTHER RESOLVED by the Board of Commissioners of the <br />County of Lee that it hereby approves the attached agreement between the County of <br />Lee and the Lee County Economic Development Corporation and the Chairperson and <br />County Clerk are hereby authorized to execute the agreement on behalf of the County. <br />Upon a vote, the results were as follows: <br />001 <br />4 <br />