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`tX c`ovtilit- <br /> rk1! CAO' <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 Abl/Pi(Y1' ,` , 20 213. <br /> .f,e;v <br /> 47,4,/_.2).-47,74............. <br /> _y�� ,) ,� a Amy Dalrymple, Chair <br /> r , i' Lee County Board of Commissioners <br /> -f <br /> `r.ATTEST', _ I <br /> TT I J <br /> l iI//..in -�Aa11 D..' . <br /> JOrfer GambClerk to the Board <br />