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Jennifer Gamble <br /> From: Michael Smith <msmith@growsanfordnc.com> <br /> Sent: Monday, May 4, 2020 2:44 PM <br /> To: John Crumpton;Jennifer Gamble <br /> Subject: [EXTERNAL]Comments for May 4 meeting <br /> CAUTION: External Email. Do not click links or open attachments unless verified. For all suspicious emails, <br /> please use the thellIMIIIM to submit for review. Thank you! <br /> Thank you for your help on this significant project for our community. <br /> - cms <br /> SAGA is pleased to offer these comments in favor of the proposed financing plan for building improvements and <br /> economic development investment. In addition to paying for badly needed maintenance and upgrades for the <br /> Courthouse and Government Center, this borrowing efficiently finances the economic development investment package <br /> for the Bharat Forge. The Bharat project, now under construction, is the largest economic development project to locate <br /> in Lee County since Caterpillar in 1998. <br /> The announced investment by Bharat Forge is$170 million, although we expect that investment to grow over time. The <br /> project will create at least 460 new jobs at great wages, generating an annual payroll of$21 million...the fourth largest <br /> industrial payroll in Lee County. <br /> From an economic impact analysis of the Bharat project completed by Crystal Morphis at Creative EDC, the construction <br /> and operation of this project will also create: <br /> • 379 temporary jobs during factory construction <br /> • $40.7 million in additional economic output during construction <br /> • 270 indirect, permanent jobs in the Lee County area(in addition to the 460 direct jobs) <br /> • $52.2 million in additional, annual economic output in the Lee County area <br /> Finally, we note that over the next ten years(the term of this proposed borrowing), the Bharat Forge project will <br /> contribute an estimated$8.2 million dollars in Property Taxes to the County. <br /> The SAGA Board supports this proposed financing mechanism as an efficient and effective method of preparing our <br /> County and its citizens for a successful future. <br /> C. Michael Smith, CEO <br /> Sanford Area Growth Alliance <br /> 115 Chatham Street <br /> Sanford, NC 27330 <br /> 0: 919-775-7341 x 1500 <br /> C: 704-906-4707 <br /> msmith@growsanfordnc.com <br /> GrowSanfordNC.com <br /> 1 <br />