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,� CO(TA,�, <br /> `, i <br /> IP ' illi <br /> * * . <br /> iw ��' <br /> rU/i,(4 O\1 <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT 3 <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 3, a life science <br /> manufacturing project; and <br /> WHEREAS,the project represents an investment by Project 3 of$213,000,000 (two hundred and <br /> thirteen million dollars)in building construction, additions and purchase of machinery and equipment and <br /> the creation of at least 275 (two hundred and seventy-five) new jobs in Lee County, with the average <br /> annual wage of$60,000(sixty thousand dollars), in which the County will share up to $6,100,978 (six <br /> million, one hundred thousand, nine hundred and seventy-eight dollars) of the cost of the project with <br /> 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 3 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 /> A4Q?TED this ntilday of NllVei(YI , 200. <br /> F f n ,-A Z <br /> , ,. <br /> ` „.4.,...„/„...._.. <br /> , . Amy Dalrymple, Chair <br /> a' �� Lee County Board of Commissioners <br /> '"") � <br /> ATTigi': / <br /> /A ) 1 <br /> .4114 4# 1...4AILI/ <br /> tiler Ga c-, Clerk to the Board <br />