8-19-19 Regular Meeting - Laserfiche WebLink

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Chair Dalrymple closed the public hearing. E. Public hearina on a proposed economic development proiect. Michael Smith, CEO of the Sanford Area Growth Alliance, stated that the proposed economic development project consists of building an industrial building and the purchase of machinery and equipment in the amount up to $170,900,000 in taxable investment in Sanford, Lee County, North Carolina, with Lee County sharing up to $5,608,409 of the cost of the project with $4,065,409 revenues from the County's General Fund over the ten year life of the project and $1,543,000 coming from a proposed borrowing of funds as part of renovations to the Lee County Government Center. The borrowing is subject to future approval by the Lee County Board of Commissioners and the North Carolina Local Government Commission. The borrowed funds will be used to purchase property including all costs associated with the purchase, and assist the City of Sanford in development of the property as an industrial site. The County will acquire 98.24 acres of real property located on Colon Road (PIN 9655-21- 2728-00) at an estimated purchase price of $12,000 per acre or a total cost of $1,152,000 using funds financed through a borrowing with a financial institution. The County proposed to convey 70 acres of the property to the project. The County will retain 28.24 acres to be developed as an industrial site. The County will provide $700,000 to the City of Sanford from the proposed borrowing for site improvements. Site improvements include but are not limited to preparation of site to a pad ready condition for building construction and the acquisition of right of way. The project is estimated to create up to 460 new jobs with an average annual wage of $51,780 over the ten year length of the project. The projected annual payroll at the completion of the project is estimated to be $23,800,000. This project will stimulate the local economy, promote additional business activity, create jobs and increase payroll in Lee County. Due to the anticipated timeline for the proposed project, a vote on the material terms presented at the public hearing has been requested. In order to vote on the project, the Board of Commissioners will need to hold a separate vote to waive their policy regarding coting following a public hearing. The public hearing was advertised in the Sanford Herald on August 8, 2019. At this time, Chair Dalrymple opened the public hearing for comment. The following people spoke in favor of the proposed economic development project: - Kirk Bradley, 603 Carthage Street, Suite 120, Sanford, NC, Chair, Sanford Area Growth Alliance The following people spoke in opposition of the proposed economic development project: - Jim Womack, 1615 Boone Trail Road, Sanford, NC Chair Darlymple Closed the public hearing. Commissioner Reives moved to waive the policy regarding voting following a public hearing. Upon a vote, the results were as following: Aye: Dalrymple, Del Palazzo, Dodson, Knecht, Reives, Sharpe, Smith Nay: The Chair ruled the motion carried unanimously. Page 519