3-22-21 BOC Special Meeting - Laserfiche WebLink

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* •.• ... *. .. "riff (:i.01 SPECIAL MEETING OF THE LEE COUNTY BOARD OF COMMISSIONERS DENNIS A. WICKER CIVIC CENTER 1801 NASH STREET SANFORD, NC 27330 March 22, 2021 MINUTES Roll Call Present: Kirk Smith, Bill Carver, Mark Lovick, Arianna Lavallee, Robert Reives, Cameron Sharpe Absent: Dr. Andre Knecht CALL TO ORDER Chairman Kirk Smith called the meeting to order at 6:00 p.m. ITEMS OF BUSINESS I. Public Hearing for a proposed Economic Development Project known as Project Star Sanford Area Growth Alliance CEO Jimmy Randolph asked for consideration of the expenditure of funds for Project Star. The project consists of a building construction and the purchase of machinery and equipment in the amount of$213,000,000 in taxable investment with Lee County sharing up to $6,469,026 of the cost of the project with revenues from the County's General Fund over the seven-year life of the project. The project is estimated to create 315 new jobs with an average annual wage of$60,000. Assistant County Manager/Finance Director provided a handout illustrating the impact of the new incentive policy. As a result of the recently adopted Incentive Policy, 50% of the net property tax revenue increase in the first year of the incentive will go to lowering the County's ad valorem tax rate and 50% of the remaining net increase in revenue will go in the County's Capital Reserve Fund to be used for future pay as you go capital projects. Mrs. Minter stated that over the life of the project there could be a 2-cent reduction in the tax rate. At this time Chairman Smith opened the public hearing for comment. Jimmy Randolph, • Sanford Area Growth Alliance CEO spoke in favor of the proposed project No one spoke against the proposed project. Chairman Smith closed the public hearing. Public Hearing Notice - 3-11-2021 .pdf Resolution Star 3.9.31.docx 1