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MINUTES OF THE SPECIAL MEETING <br />OF <br />THE BOARD OF COMMISSIONERS <br />FOR <br />THE COUNTY OF LEE, STATE OF NORTH CAROLINA <br />APRIL I, 1998 <br />The special called meeting of the Board of Commissioners for the County of Lee, State of <br />North Carolina, convened at 5:00 p.m. in the Commissioners' Room, 106 Hillcrest Drive, Sanford, <br />J North Carolina. Commissioners present were Jimmie M. Cos, F. Hubert Garner, T. Ervin <br />Mansfield, Bertha L. Matthews and Nathan E. Paschal. Commissioners J. Douglas Moretz and <br />Robert T. Reives were absent. <br />Chairperson Matthews presided and the following business was transacted: <br />Commissioner Mansfield moved to approve the following resolution: <br />WHEREAS, the Board of Commissioners at its regular meeting on March 16, 1998 <br />passed a resolution to hold a public hearing on April 20, 1998 on the question of granting <br />incentives to the Lee County Economic Development Corporation to participate in an economic <br />development project which consists of participation in the cost of site preparation for a <br />manufacturing facility for Frontier Jet Spinning; and <br />WHEREAS, Frontier Jet Spinning has modified its plans and now intends to expand its <br />project by an additional $15,000,000.00; and <br />WHEREAS, the Board of Directors of the Lee County Economic Development <br />Corporation acting through their Executive Committee have adopted a resolution advising this <br />Board that Frontier Jet Spinning is now requesting incentive funds from Lee County and the City <br />of Sanford for the construction of a manufacturing facility on property owned by it on U.S. <br />Highway 421 North in Sanford, Lee County, North Carolina, which will consist of a building <br />containing not less than 200,000 square feet and the land, building, and equipment will have a <br />cumulative initial ad valorem taxable value (prior to depreciation) of at least $47,680,573 and will <br />provide new employment for at least 100 people, and <br />WHEREAS, the Lee County Economic Development Corporation has requested a grant <br />from the County, of Lee based upon the County Economic Development Policy in the amount of <br />$683,778.00; and <br />WHEREAS, the Chairperson and Clerk to the Board caused to be published in The <br />Sanford Herald on Friday, March 27, 1998 a public notice advertising a public hearing on April 7, <br />1998 at 5:00 p.m. on the question of sharing up to $683,778.00 of the cost of the revised project; <br />and <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Lee County <br />as follows: <br />