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ti <br />EE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. IV. A. <br />Information <br />Meeting Date: March 21, 2011 XX Action Item <br />_ Consent Agenda <br />SUBJECT Golden Leaf Foundation Grant <br />DEPARTMENT Lee County Economic Development <br />CONTACT PERSON Bob Heuts, EDC Director <br />REQUEST Approval of Golden Leaf Foundation Grant with Frontier Spinning <br />SUMMARY This item was presented to Commissioners at their March 7` <br />• meeting to make them aware of the grant approval from the Golden <br />Leaf Foundation. Documents provided at the last meeting have <br />been revised to now include an Operational Lease instead of an <br />Equipment Lease with changes made only in the language of the <br />agreement. The Board will also be asked to approve a Performance <br />Agreement with Frontier Spinning. The agreement states that Lee <br />County will purchase 8,500 sets of plastic pallets from a $1 million <br />grant received from the Golden Leaf Foundation and leased to <br />Frontier Spinning over a 5 -year period. Frontier Spinning will pay <br />Lee County a monthly amount during the term of the lease and must <br />meet certain guidelines as to the purchase of NC cotton and <br />maintain a certain number of jobs in North Carolina. <br />BUDGET IMPACT N/A <br />ATTACHMENT(S) (1) March 7' memo from EDC <br />(2) Information on Frontier Spinning <br />(3) Equipment Lease <br />(4) Performance Agreement <br />PUBLIC HEARING No <br />PRIOR BOARD ACTION Item was presented at the March 7, 2011 Commissioners meeting <br />with no action taken. <br />• RECOMMENDATION Approve as presented <br />