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LEE COUNTY <br />Committed Today for a Better Tomorrow <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF <br />FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN <br />AGREEMENT WITH PROJECT EAGLE <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 Eagle; and <br />WHEREAS, the project represents an investment by Project Eagle of $29,500,000.00 (twenty- <br />nine million, five hundred thousand dollars) in machinery and building renovations and the creation of at <br />least 40 (forty) new jobs in Lee County, North Carolina, in which the County will share up to <br />$346,246.00 (three hundred and forty-six thousand, two hundred and forty-six dollars) of the cost of the <br />project with revenue 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 Eagle and the Board's Chair and Clerk <br />are hereby authorized to execute the agreement on behalf of the County. <br />ADOPTED thisqT day of M 2 f C,�1 90 <br />Amy Dalrymple, Chair <br />Lee County Board of Commissioners <br />