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C�80 <br />LEE COUNTY <br />©(D oota a3 15 o1 0m <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. IV. C. <br />Information <br />Meeting Date: November 14, 2011 )5 Action Item <br />Consent Agenda <br />SUBJECT Building Restoration and Reuse Development Program <br />DEPARTMENT Lee County EDC <br />CONTACT PERSON Bob Heuts <br />REQUEST To revise the resolution which originally requested a 3% match to a <br />5% match <br />SUMMARY At the August 15, 2011 meeting, Commissioners adopted a <br />Resolution for Building Renovation and Reuse Application for WST <br />Industries. The Resolution adopted on 8/15 stated that Lee County <br />would provide 3% of the total project costs of the project, if <br />approved for a grant. A revised resolution is presented stating a 5% <br />match will be provided if the grant is approved. This 5% match will <br />be provided by the company to the county at the time the loan <br />documents are completed. The next step after the application is <br />approved will be to receive a loan package which will be executed <br />between WST Industries and Lee County. The program then will <br />forgive the loan as the jobs are created by WST Industries. <br />The Loan Application (60 pages) is in the Clerk's office for review. <br />BUDGET IMPACT N/A <br />ATTACHMENT(S) (1) Resolution adopted at August 15` meeting, <br />(2) Revised Resolution showing 5 %, and <br />PUBLIC HEARING No <br />PRIOR BOARD ACTION Resolution approving 3% match approved at August 15, 2011 <br />meeting. <br />RECOMMENDATION Approve amended Resolution requesting a 5% match as presented. <br />