Agenda Package - 01-31-11 - Laserfiche WebLink

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EE OUNTY Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT ITEM NO. I. A. _ Information Meeting Date: January 31, 2011 X Action Item Consent Agenda SUBJECT Grant from the One North Carolina Fund DEPARTMENT Administration CONTACT PERSON John Crumpton REQUEST Adopt a resolution approving the County's Grant Agreement with the One North Carolina Fund and the associated Performance Agreement by Caterpillar, Inc. SUMMARY The One North Carolina Fund has conditionally approved the County's • application for a grant in the maximum amount of $600,000 to assist a project by Caterpillar, Inc. As part of the grant approval process, Caterpillar has entered into a Performance Agreement with the Fund requiring, among other things, that the company retain 739 existing jobs at the company's Sanford and Clayton facilities, create and maintain through 2015 325 new, well - paying, full time jobs, and make over $28,000,000 in new investment. The grant is conditioned upon the County's agreement to match the grant dollar for dollar, accept the terms of Caterpillar's Performance Agreement, and comply with administrative terms and conditions required by law and set out in a Local Government Grant Agreement. The County, by resolution of this Board, previously has entered into an agreement with Caterpillar that provides economic incentives to the company during the proposed grant period which will more than satisfy the County's obligation to match the grant. BUDGET IMPACT County must follow through on $900,000 grant to Caterpillar to be the match. ATTACHMENT(S) (1) December letter from Department of Commerce; (2) Terms of One NC Grant; (3) Summary of Caterpillar's Performance Agreement; (4) Caterpillar's Performance Agreement; (5) Summary of the County's Local Government Grant Agreement; and (6) The County's Local Government Grant Agreement PUBLIC HEARING No PRIOR BOARD ACTION In a related matter, the Board Previously approved economic incentives for Caterpillar. • RECOMMENDATION : Adopt a resolution approving the Performance Agreement and the Local Government Grant Agreement and authorize the County Manager to sign papers on behalf of the county.