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* <br /> rJ40 <br /> tiii `1 <br /> if CAW <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 3O day of 1J01/,m " ( , coda° . <br /> Jr`^r1 <br /> API <br /> dati <br /> A(. ef <br /> ,r 4 , Y Amy Dalrymple, Chair <br /> t t j Lee County Board of Commissioners <br /> 1 <br /> ATT1rVT: <br /> L / <br /> 11, I I I I NORTH CAROLINA, LEE MINTY <br /> 1k:idA Presented for re istration on this btm' v <br /> I�nifer IF nble, Clerk to the Board <br /> recorded in Book ?A, Page V5 <br /> Pamela G. Britt, Register of Deeds <br />