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4 <br /> 11t, , <br /> , <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND AUTHORIZING <br /> NEGOTIATION FOR AN AGREEMENT WITH PROJECT FRAME <br /> WHEREAS,the Lee County Board of County Commissioners held a public hearing on <br /> September 8,2021 for a proposed economic development project,Project Frame; and <br /> WHEREAS,the project represents a net new taxable investment by Project Frame of at least <br /> $18,000,000(eighteen million dollars)in building construction and the purchase of machinery and <br /> equipment and the creation of at least 235 (two hundred and thirty-five)new jobs in Lee County,North <br /> Carolina,with an average annual wage of at least$50,720.00(fifty thousand, seven hundred and twenty <br /> dollars); and <br /> WHEREAS,the County will share up to$275,595 (two hundred, seventy-five thousand, five <br /> hundred and ninety-five dollars)of the cost of the project with revenue from the County's General Fund <br /> 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 approves the above <br /> parameters of the incentive for Project Frame and authorizes County Staff to negotiate an incentive <br /> agreement with Project Frame,to be brought back to the Board for final approval. <br /> ADOPTED this Ifin day of &Meer , T.07i(. <br /> '.3- iji, <br /> /4ii ) & <br /> . Smith, Chair <br /> Lee County Board of Commissioners <br /> ,:(0,C0 ti,47.;',, <br /> TTEST: , / <br /> / ur un -9:05'1, :, <br /> '`a <br /> / 4 )1 �--�%� <br /> gi fer Gam�� lerk to the Board ;A pi #! 1[6/{ ii�tlt 4, <br /> ,k �1 � ,�Ii� t <br /> \k'z' \(. 54 .,, <br /> 0 , , . <br /> / <br />