3-19-18 Regular Meeting - Laserfiche WebLink

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STATE OF NORTH CAROLINA ) AGREEMENT REGARDING INCENTIVE FUNDS FOR COUNTY OF LEE ) PROJECT EAGLE THIS AGREEMENT, made and entered into this the day of by and between the COUNTY OF LEE, NORTH CAROLINA, a body politic and corporate (hereinafter referred to as COUNTY) and Project EAGLE, a company with an office and place of business in Sanford, North Carolina, (hereinafter referred to as COMPANY); WITNESSETH: WHEREAS, the Grant from the COUNTY to the COMPANY is in the amount of up to $346,246.00 (three hundred and forty-six thousand, two hundred and forty-six dollars) and has been negotiated and agreed to by the parties contingent upon the COMPANY entering into this Agreement and formal approval of the Grant by the Lee County Board of Commissioners; and, WHEREAS, the Grant is to be used by the COMPANY toward the goal of creating at least 40 (forty) new employees (hereinafter referred to as "New Jobs") at an average annual wage of at least $41,526.00 (forty-one thousand, five hundred and twenty-six dollars) and net new taxable investment in the amount of $29,500,000.00 (twenty-nine million, five hundred thousand dollars) (hereinafter referred to as "taxable investment") in connection with building renovations and the purchase of machinery and equipment in the COMPANY'S mechanical manufacturing operations located in Lee County; and WHEREAS, the Grant is necessary to enable the job creation and taxable investment by the Company in Lee County to occur and go forward; and WHEREAS, the Grant will stimulate local economic activity, promote business and create a number of new jobs for the citizens of Lee County; and WHEREAS, the Grant is issued pursuant and subject to the provisions of the Local Development Act, North Carolina General Statute 158-7.1 through 7.4, including a public hearing which was held on February 19, 2018; and WHEREAS, a public hearing was held on February 19, 2018 at the Regular Meeting of the Board of County Commissioners, whereby the Board then took a vote to approve the incentive; NOW, THEREFORE, in consideration of the representations set forth herein and the mutual covenants and promises set forth below, the COMPANY agrees to the following: