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To: Lee County Board of Commissioners <br />Frorr: Bob Heuts <br />Date: March 7, 2011 <br />Re: FRONTIER SPINNING <br />The Lee County Economic Development Corporation hereby requests approval for <br />the attached documents related to a Golden Leaf Foundation grant for Lee County <br />and Frontier Spinning, a yarn spinning business headquartered in Lee County. <br />• Attached also is a summary discussion of how and why this grant and lease is <br />necessary for Frontier Spinning. <br />The interested parties for this project include: <br />Frontier Spinning, who agrees to maintain a certain number of jobs in North Carolina <br />and purchase a certain amount of NC cotton <br />Golden Leaf Foundation, in the interest of NC agriculture and job creation, who has <br />agreed to grant Lee County $1 million to purchase pallets for Frontier Spinning <br />Lee County, as the applicant and lesser for the pallets and who will use the <br />repayment of the lease to set up a revolving loan fund for business attraction in Lee <br />County; NC <br />Department of Commerce, who supports this project as a way to maintain and <br />potentially create more jobs in NC <br />NC Ports Authority, who with additional exports /imports, has an opportunity to add <br />additional sailings to and from the Port of Wilmington <br />The Lee County EDC has reviewed this project and whole heartily supports the Lee <br />County Board of Commissioners approving this project. <br />• 5825 CLYDE RHYNE DRIVE <br />PO BOX 1968 <br />SANFORD NC 27331 -1968 <br />919/774 -8439 FAX 919/775 -5410 <br />e -mail. info Fillcedc.com web page: mn jkedc.com <br />