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RESOLUTION AUTHORIZING THE EXPENDITURE OF <br />FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN <br />AGREEMENT WITH PROJECT WOLFPACK <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 Wolfpack; and <br />WHEREAS, the project represents an investment by Project Wolfpack of $41,000,000.00 (forty- <br />one million dollars) in building renovations, machinery and real estate and the creation of at least 18 <br />(eighteen) new jobs in Lee County, North Carolina, in which the County will share up to $715,977 (seven <br />hundred and fifteen thousand, nine hundred seventy-seven dollars) of the cost of the project with revenue <br />from the County's General Fund over the five 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 Wolfpack and the Board's Chair and <br />Clerk are hereby authorized to execute the agreement on behalf of the County. <br />ADOPTED this l "14ilday of <br />Amy Dalrymple, Chair <br />Lee County Board of Commissioners <br />