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NOW BE IT FURTHER RESOLVED, that the guidelines listed above are <br /> not intended to be entitlements for businesses to receive economic incentives <br /> from Lee County. The County reserves to the right to review all proposals and <br /> recommendations for or against incentive offers by the Sanford Area Growth <br /> Alliance. The Commissioners will the make the final decision on incentive awards <br /> on the basis of what is in the best interest for the citizens of Lee County. All <br /> economic incentives are subject to Public Hearing, to be followed by a vote of the <br /> County Commissioners, as required by law. <br /> IT IS ALSO RESOLVED by the Lee County Board of County Commissioners, <br /> that it is their intent to allocate 50 percent of the net property tax revenue <br /> increase in the first year of the incentive to lowering the County's Ad Valorem tax <br /> rate by an equivalent amount (Net is defined as the increase in property taxes <br /> paid by the company less the grant amount paid by the County to the Company). <br /> The County will place up to 50 percent of the remaining net increase in revenue <br /> in the County's Capital Reserve Fund to be used for future pay as you go capital <br /> projects (defined as projects in excess of $500,000). After the first year of taxes <br /> paid on the project by the Company, the County will continue to review the tax <br /> payments made by the Company. If over the life of the incentive grant, and as <br /> the grant amount goes down over time, the total net revenue received by the <br /> county exceeds the first year's net amount of revenue received from the <br /> Company, the County will apply the formula above to the new additional revenue. <br /> The Board of Commissioners instructs the County Attorney to review the <br /> county's standard agreement formats for economic incentives and change them <br /> to reflect the new guidelines of the Board of Commissioners. Once a new <br /> agreement format is approved, the Board requests that the County Manager <br /> forward a copy of these guidelines and standard agreement documents to the <br /> Sanford Area Growth Alliance, the City of Sanford and the Town of Broadway. <br /> Adopted this 7th day of December, 2020. <br /> • <br /> {3 / <br /> 4< <br /> A' .46' ''' -. .'' t 2, By: s2:50 /1 <br /> �' ,, ^� �. yrs Amy M. Dal mple, Chair <br /> ,'�f.,, '1 Lee County Board of Commissioners <br /> A t: <br /> At i <br /> Lida_iIi <br /> -nnifer;G:mble <br /> Deputy ounty Attorney/Clerk to the Board <br />