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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 /> AD 0' D this I C(*day of Cb(kid/5J , a 01.3 . <br /> I:. xlysitr.e.PethAr721.4.- <br /> ,�s t ,- \st -:;. <br /> t� � •,� �q._ , 1 � Amy Dalrymple, Chair <br /> .. pa 44 <br /> s, • Lee County Board of Commissioners <br /> ' ' .q. /Ai; - i <br /> il <br /> e'. ifer e 4.le, Clerk to the Board <br />