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FILED <br /> LEE COUNTY NC <br /> PAMELA G. BRITT <br /> REGISTER OF DEEDS <br /> FILED Jan 06, 2021 <br /> AT 03:23:52 pm <br /> BOOK 00003 <br /> START PAGE 0680 <br /> END PAGE 0680 <br /> INSTRUMENT # 00114 <br /> EXCISE TAX (None) <br /> * • * <br /> cAR0 <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT 4 <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 4, a life science <br /> manufacturing project; and <br /> WHEREAS, the project represents an investment by Project 4 of$1,835,000,000 (one billion, <br /> eight hundred and thirty-five million dollars) in building construction, additions and purchase of <br /> machinery and equipment and the creation of at least 700 (seven hundred)new jobs in Lee County, with <br /> the average annual wage of$110,000 (one hundred and ten thousand dollars), in which the County will <br /> share up to $78,188,975 (seventy-eight million, one hundred and eighty-eight thousand, nine hundred and <br /> seventy-five dollars)of the cost of the project with revenue from the County's General Fund over the ten <br /> year life of the project. <br /> NOW THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the <br /> Board finds the project will stimulate the local economy, promote business, and result in the creation of <br /> jobs in the County; and estimates that the County will recover its consideration for the project taking into <br /> account prospective tax revenue from improvements on the property, sales tax revenues generated in the <br /> area, as well as other prospective tax revenues or income coming to the County as a result of the project. <br /> BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that it hereby <br /> approves the above incentive details for Project 4 and agrees to instruct staff to draft an agreement <br /> memorializing the terms above with related provisions ensuring that the Company will meet certain <br /> performance measures before any cash grant incentive is paid and bring the agreement back to the Board <br /> for a formal vote. <br /> ADOPTED this 3©+ day of NJOtem b( , ao, O . <br /> J,// !N <br /> c)17,101-1-d-rtet--__ <br /> i„, <br /> S } Amy Dalrymple, Chair <br /> Lee County Board of Commissioners <br /> ATT1rt$T: <br /> - nifer f -able, Clerk to the Board <br />