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1 M ' <br />• LEE COUNTY <br />©oo ©n QoQ� ao© <br />Committed Today for a Better Tomorrow <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />CATERPILLAR, 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 site <br />preparation for a manufacturing facility located in Lee County, North Carolina; and <br />WHEREAS, the project represents an investment by Caterpillar, Inc. of at least <br />$31,000,000.00 and the creation of 322 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 a substantial number of jobs in the County; and estimates the County <br />will recover its consideration for the project within five years or less taking into account <br />prospective tax revenues from improvements to be constructed on the property, sales tax <br />revenues generated in the area, as well as other prospective tax revenues or income coming <br />to the County as a result of the 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 the 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 />Adopted this 7 day of June 2010. <br />ATT ST: <br />ynel . Lee, Clerk to a Board <br />Q , U , D a�AL, <br />Richard B. Hayes <br />Lee County Board of Commissioners <br />/� �' "I - <br />• K. R. Hoyle, bcdnty Attorney <br />