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2008 - lo <br />• RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS <br />FOR AN ECONOMIC DEVELOPMENT PROJECT <br />AND APPROVING AN AGREEMENT WITH <br />THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />3M <br />WHEREAS, notice of a public hearing was published that the Lee County <br />Board of Commissioners proposed to participate in an economic development <br />project with the Lee County Economic Development Corporation which consists <br />of participation in the cost of renovating for a manufacturing facility located in Lee <br />County, North Carolina, and the cost of new equipment; and <br />WHEREAS, the project represents an investment to Lee County of at least <br />$2,600,000.00 and the project will add at least 10 new jobs in Lee County, North <br />Carolina. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of <br />Commissioners that the Board finds the project will stimulate the local economy, <br />• promote business, and result in the addition of good manufacturing jobs in the <br />County; and estimates the County will recover its consideration for the project <br />within five years or less taking into account prospective tax revenues from <br />improvements to be constructed on the property, sales tax revenues generated in <br />the area, as well as other prospective tax revenues or income coming to the <br />County as a result of the project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners <br />that it hereby approves the attached agreement between the County of Lee and <br />Lee County Economic Development Corporation and the Chairman and Clerk to <br />the Board are hereby authorized to execute the agreement on behalf of the <br />County. <br />Approved this 16th day of June 2008. <br />ATTEST: <br />Y . <br />• <br />'Gay'nEffl M. Lee, Clerk <br />Robert B wn, Chairman <br />Lee County Board of Commissioners <br />