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Re5fAukion Z001l-4 7 <br /> FILED <br /> LEE COUNTY NC <br /> PAMELA G. BRITT <br /> REGISTER OF DEEDS <br /> FILED Nov 22, 2021 <br /> AT 02:34:23 pm <br /> BOOK 00003 <br /> START PAGE 0774 <br /> END PAGE 0774 <br /> ` x r�c�t,A,-; ;, INSTRUMENT# 10013 <br /> V i' ; EXCISE TAX (None) <br /> ,I At Af .7 " <br /> ss,.5/i/ (:; Ko`, <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 Lfn day of ea fob , 7nZ(. <br /> MA'-'3 <br /> Kir D. Smith, Chair <br /> Lee County Board of Commissioners <br /> 1 u-rw+ <br /> TTEST: ' / kv..:i (C? A=Ss ‘tt\ <br /> � <br /> ,litii !r .. / ti� <br /> 47 fer Gam IF lerk to the Board $7�C I ij D_�'• 11r," "c;4 <br /> ,r <br /> -A .At 1 Pew j,' <br />