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2010 - <br />• LEE CO <br />F E - 3 o 0 Q a a 63 0 LS �}r5 - o a — 9c <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 />PARKDALE AMERICA, LLC <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposes to participate in an economic development project with the Lee <br />County Economic Development Corporation which consists of participation in the cost of <br />additional machinery for a manufacturing facility located in Lee County, North Carolina; and <br />WHEREAS, the project represents an investment by Parkdale America LLC of at least <br />$4,300,000.00 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 that the Lee County Board of Commissioners hereby <br />approves the attached agreement between the County of Lee and the Lee County Economic <br />Development Corporation and the Chairman and Clerk to the Board are hereby authorized to <br />execute the agreement on behalf of the County. <br />Adopted this 7 day of June 2010. <br />0 <br />K. R. Hoyle, <br />Richard B. Hayes, Chaitniau <br />Lee County Board of Commissioners <br />