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2011 - <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />• ECOMONIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />Zurn Industries, LLC <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposes to participate in an economic development project with the Lee <br />County Economic Development Corporation which consists of the expansion of a manufacturing <br />facility located at 5900 Elwin Buchanan Drive in Sanford, Lee County, North Carolina; and <br />WHEREAS, the project represents an investment by Zurn Industries, LLC of additional <br />space and the relocation of up to an additional 38 jobs to Sanford, Lee County, North Carolina. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners <br />that the Board finds that the project will stimulate the local economy, promote business, and <br />result in the creation of jobs in the County; and estimates that the County will recover its <br />consideration for the project within five years or less taking into account prospective tax <br />revenues from improvements on the property, sales tax revenues generated in the area, as well <br />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 attached agreement between the County of Lee and Lee County Economic <br />Development Corporation and the Chairman and Board Clerk are hereby authorized to execute <br />the agreement on behalf of the County. <br />This action is effective this the day of October 2011 <br />ATTEST: <br />M. Lee, Clerk <br />&4Le�L r &I-y- <br />K. R. Hoyle unty Attorney <br />a A. Shook, Chairman <br />County Board of Commissioners <br />• <br />