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* <br /> r- fli <br /> ei.II CAll. <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT 2 <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 2, a life science <br /> manufacturing project; and <br /> WHEREAS, the project represents an investment by Project 2 of$75,000,000 (seventy-five <br /> million dollars)in building construction, additions and purchase of machinery and equipment and the <br /> creation of at least 200 (two hundred)new jobs in Lee County,North Carolina, with an average annual <br /> wage of$100,000 (one hundred thousand dollars), in which the County will share up to $2,119,214(two <br /> million, one hundred and nineteen thousand,two hundred and fourteen dollars) of the cost of the project <br /> with revenue from the County's General Fund over the seven-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 2 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 /> ADf1J ED this , hday of lv0✓&MbP( , 202. <br /> Rs , <br /> " 1; v <br /> d 4,447,4- _____ <br /> Ht�% 1\ ' . ' Amy Dalrymple, Chair <br /> .� <br /> ' 4 >> v <br /> / Lee County Board of Commissioners <br /> • <br /> , a <br /> TTES'I;t 11 <br /> ,. i �i114 w�,� <br /> 41F <br /> fifer G.r • e, Clerk to the Board <br />