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FILED
<br /> LEE COUNTY NC
<br /> PAMELA G. BRITT
<br /> REGISTER OF DEEDS
<br /> FILED Jan 06, 2021
<br /> AT 03:21:42 pm
<br /> BOOK 00003
<br /> START PAGE 0677
<br /> END PAGE 0677
<br /> - INSTRUMENT # 00111
<br /> EXCISE TAX (None)
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<br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF
<br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT 1
<br /> WHEREAS, notice of a public hearing was published that the Lee County Board of
<br /> Commissioners proposed to participate in an economic development project with Project 1, which is a
<br /> building products manufacturing project; and
<br /> WHEREAS, the project represents an investment by Project 1 of$7,500,000 (seven million, five
<br /> hundred thousand dollars) in building renovations, additions and the purchase of machinery and
<br /> equipment and the creation of at least 300 (three hundred)new jobs in Lee County, North Carolina, with
<br /> an average annual wage of$46,500 (forty-six thousand, five hundred dollars), in which the County will
<br /> share up to $117,335 (one hundred and seventeen thousand, three hundred and thirty-five dollars) of the
<br /> cost of the project with revenue from the County's General Fund over the five-year life of the project.
<br /> NOW THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the
<br /> Board finds the project will stimulate the local economy,promote business, and result in the creation of
<br /> jobs in the County; and estimates that the County will recover its consideration for the project taking into
<br /> account prospective tax revenue from improvements on the property, sales tax revenues generated in the
<br /> area, as well as other prospective tax revenues or income coming to the County as a result of the project.
<br /> BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it hereby
<br /> approves the above incentive details for Project 1 and agrees to instruct staff to draft an agreement
<br /> memorializing the terms above with related provisions ensuring that the Company will meet certain
<br /> performance measures before any cash grant incentive is paid and bring the agreement back to the Board
<br /> for a formal vote.
<br /> ADOPTED this , day of 6/0(1+6 , 7�2,0,
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<br /> j , `s,s„,-_ .''^ Amy Dalrymple, Chair
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<br /> '� . ,� , °„”j` 4 Lee County Board of Commissioners
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<br /> `,, ATTEST: --
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<br /> Tat_11114 A. ...lil a
<br /> J1fer Gamb;e Clerk to the Board
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