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2010 - 1� <br />LEE COUNTY <br />d 0 0 45 C3 Q 45 E0 <br />Committed Today for a Better Tomorrow <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS <br />FOR AN ECONOMIC DEVELOPMENT PROJECT <br />AND APPROVING AN AGREEMENT WITH THE <br />LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />FRONTIER SPINNING MILLS, INC. <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposed to participate in an economic development project with the Lee <br />County Economic Development Corporation which consists of participation in the cost of <br />building renovation and new machinery for a manufacturing facility located in Lee County, <br />North Carolina; and <br />WHEREAS, the project represents an Investment by Frontier Spinning Mills, Inc. of at <br />least $15,500,000.00 and the creation of additional jobs in Lee County, North Carolina. <br />• NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners <br />that the Board finds that the project will stimulate the local economy, promote business, and <br />result in the creation of jobs in the County; and estimates that the County will recover its <br />consideration for the project within five years or less taking into account prospective tax <br />revenues from improvements on the property, sales tax revenues generated in the area, as <br />well as other prospective tax revenues or income coming to the County as a result of the <br />project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it <br />hereby approves the attached agreement between the County of Lee and Lee County <br />Economic Development Corporation and the Chairman and Clerk to the Board are hereby <br />authorized to execute the agreement on behalf of the County. <br />Approved this 15 day of March 2010. n A <br />2 " , L' S Richard B. Hayes, C ai ma <br />ATT ST: Lee County Board of Commissioners <br />GayneH M. Lee, Clerk <br />