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avk-�3-+ <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF <br />FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN <br />AGREEMENT WITH PROJECT TEMPERATURE <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposed to participate in an economic development project with Project Temperature; <br />and <br />WHEREAS, the project represents an investment by Project Temperature of $22,500,00.00 <br />(twenty-two million, five hundred thousand dollars) in the purchase of equipment and machinery and <br />building construction and the creation of at least 109 (one hundred and nine) new jobs in Lee County, <br />North Carolina, in which the County will share up to $306,639.45 (three hundred and six thousand, six <br />hundred and thirty-nine dollars and forty-five cents) of the cost of the project with revenue from the <br />County's General Fund over the seven year life of the project. <br />NOW THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the <br />Board finds the project will stimulate the local economy, promote business, and result in the creation of <br />jobs in the County; and estimates that the County will recover its consideration for the project taking into <br />account prospective tax revenue from improvements 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 result of the project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it hereby <br />approves the attached agreement between Lee County and Project Temperature and the Board's Chair and <br />Clerk are hereby authorized to execute the agreement on behalf of the County. <br />ADOPTED this Wh day of , <br />Amy Dalrymple, Chair <br />Lee County Board of Commissioners <br />rd <br />