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C► l 5 <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. 11. E. <br />_ Information <br />Meeting Date: November 17, 2008 _ Action Item <br />>5 Consent Agenda <br />SUBJECT: Amendment to 3M Incentive Agreement with Economic <br />Development <br />DEPARTMENT: Lee County Economic Development Corporation <br />CONTACT PERSON: Bob Heuts <br />® REQUEST: Amendment to 3M Incentive Agreement <br />SUMMARY: In June 2008 the Board of Commissioners approved an economic <br />development agreement between the Lee County Economic <br />Development Corporation and 3M to share in the cost of expansion <br />for the 3M Manufacturing Company. A total of $8,093.00 was to be <br />paid out each January beginning in 2010 through 2014. Lee <br />County's share of the agreement is $40,463.00. Due to a delay in <br />the project, funds will not be paid out until January 2011 and end in <br />January 2015. <br />BUDGET IMPACT: $8,093.00 each January beginning in 2011 through 2015 <br />ATTACHMENT(S): Amended Incentive Agreement <br />PUBLIC HEARING: Public Hearing held at June 2, 2008 meeting <br />PRIOR BOARD ACTION: Approved incentive agreement at June 16, 2008 meeting <br />RECOMMENDATION: Approve amended incentive agreement between Lee County <br />Economic Development Corporation and 3M Manufacturing <br />Company <br />0 <br />