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"1 <br />ift <br />aon� 24 l0 <br />r.�i <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />CLOVERLEAF COLD STORAGE COMPANY <br />WHEREAS, notice of a public hearing was published that the Lee County Board <br />of Commissioners proposed to participate in an economic development project with the <br />Lee County Economic Development Corporation which consists of partially funding the <br />cost of the expansion of a building and machinery for the Cloverleaf Cold Storage <br />Company located in Sanford, Lee County, North Carolina; and <br />WHEREAS, the project represents an investment by Cloverleaf Cold Storage <br />Company of at least $12,000,000 (TWELVE MILLION DOLLARS) and the creation of <br />at least fifty -eight new jobs in Lee County, North 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 creation of jobs in the County; and estimates that the <br />County will recover its consideration for the project within five years or less taking into <br />account prospective tax revenues from improvements on the property, sales tax revenues <br />generated in 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 that <br />it hereby approves the attached agreement between the Lee County and the Lee County <br />Economic Development Corporation and the Board's Chair and Clerk are hereby <br />authorized to execute the agreement on behalf of the County. <br />ADOPTED this b th day of February 2012. <br />Liiida/A. Shook, Chair <br />Lee Countv Board of Commissioners <br />