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FILED
<br /> LEE COUNTY NC
<br /> PAMELA G. BRITT
<br /> REGISTER OF DEEDS
<br /> FILED Mar 13, 2023
<br /> AT 02:24:43 pm
<br /> BOOK 00003
<br /> START PAGE p897
<br /> END PAGE 0898
<br /> INSTRUMENT # 01433
<br /> EXCISE TAX (None)
<br /> RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT PROJECT FOR
<br /> CENTRAL CAROLINA ENTERPRISE PARK, LLC AND APPROVING A
<br /> MEMORANDUM OF UNDERSTANDING AUTHORIZING A LEASE
<br /> WHEREAS, North Carolina General Statute 158-7.1 authorizes a county to undertake an
<br /> economic development project to entice business and industry to locate within the county; and,
<br /> WHEREAS, notice of a public hearing was published in the Sanford Herald that the Lee County
<br /> Board of Commissioners and the Sanford City Council propose to participate in an economic
<br /> development project through a lease of a newly constructed spec building from CC Enterprise
<br /> Park LLC, a North Carolina Limited Liability Company located in Sanford, Lee County, NC;
<br /> and,
<br /> WHEREAS, the project represents an investment by CC Enterprise Park, LLC in the
<br /> construction of a 117,133 +/- square foot building worth approximately$10,200,000 (ten million
<br /> two hundred thousand dollars) in Sanford, Lee County,NC; and,
<br /> WHEREAS,by entering into the Memorandum of Understanding, Lee County and the City of
<br /> Sanford commit to undertaking the lease of said spec building after construction, for up to
<br /> twenty-four months, at a monthly rental rate not to exceed $56,793.75 per month for the first
<br /> twelve months for a total of$681,165.00, split evenly between the City and the County, and with
<br /> rent not to exceed $65,582.34 per month, for months thirteen through twenty-four for a total of
<br /> $786,988.00, split evenly between the City and the County, up to twenty-four months after the
<br /> Shell Certification Date. In the event the building lease is terminated early due to the execution
<br /> of a sale or lease agreement with an End User, the City's and County's obligation to pay rent
<br /> under the building lease shall cease and any rent prepaid shall be reimbursed to the City and
<br /> County; and,
<br /> WHEREAS, Lee County will not execute the Memorandum of Understanding until all
<br /> responsibilities to pay any lease payments under the Memorandum of Understanding for Shell
<br /> Building 3 have terminated and expired, to ensure the County is not obligated for rent payments
<br /> for two shell buildings; and,
<br /> WHEREAS, Lee County Growth VI, LLC, the owner; Samet Properties, LLC, the building; and
<br /> Sanford-Lee County Partnership for Prosperity d/b/a Sanford Area Growth Alliance, the
<br /> promoter; commit to undertaking the activities described in the Memorandum of Understanding
<br /> to construct, build, and finance a 117,133 +/- square foot spec building and to market, conduct
<br /> site visits, and hold events to entice new businesses and industries to come to Sanford/Lee
<br /> County and relocate or expand in Lee County.
<br /> NOW, THEREFORE, BE IT RESOLVED, by the Lee County Board of Commissioners that the
<br /> Commissioners finds that the project will increase the tax base, stimulate the local economy,
<br />
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