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003 <br />BUOY, 17 P.'GE 653 <br />Economic Development Director Bob Heins spoke in favor of the request. He <br />told the Board that this project will benefit Lee County. <br />No one spoke in opposition to the request. <br />Commissioner Adams moved to close the public hearing. Upon a vote, the <br />results were as follows: <br />Aye: Adams, Garner, Hincks, Matthews, Paschal, Reives, and Sauls <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Garner moved to approve an agreement for the granting of Lee <br />County funds in the amount of 553,556, and the following resolution, contingent upon <br />adoption by the City of Sanford: <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 />ARDEN CORPORATION PROJECT <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 and the City of Sanford which consists of <br />participation in the cost of site preparation at the Arden Corporation industrial site at <br />1604 Broadway Road in the County of Lee; and <br />WHEREAS, Arden Corporation will construct a manufacturing plant on the <br />site which will represent an investment by Arden Corporation of at least $4,500,000 <br />and create at least 25 new 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 into 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 an agreement between the County of Lee and Lee <br />County Economic Development Corporation and the Chairperson and County Clerk are <br />3 <br />