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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 /> ADOP - •' tG1" day of r IrJaO , o201i . <br /> x <br /> � Amy Da rymple,Chair <br /> � Lee County Board of Commissioners <br /> i,, <br /> ATTE 4t ) <br /> 41)Jild./AVIA.,L•lif r <br /> dr nifer re le,Clerk to the Board <br />