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FILED <br /> LEE COUNTY NC <br /> PAMELA G. BRITT <br /> REGISTER OF DEEDS <br /> FILED Mar 06, 2024 <br /> AT 08:50:50 am <br /> BOOK 00003 <br /> START PAGE 1003 <br /> END PAGE 1004 <br /> INSTRUMENT # 01318 <br /> EXCISE TAX (None) <br /> 1P <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN <br /> AGREEMENT WITH PROJECT BIOBLOOM <br /> WHEREAS, notice of a public hearing was published that the Lee County Board of <br /> Commissioners proposed to participate in an economic development project, Project Biobloom, a <br /> pharmaceutical research and product manufacturing company; and <br /> WHEREAS,a public hearing was held by the Lee County Board of Commissioners on February <br /> 19, 2024, in which one person spoke in favor of the project and no one spoke in opposition of the project; <br /> and <br /> WHEREAS,the project represents a net new taxable investment by Project Biobloom of at least <br /> $190,000,000.00(one hundred, ninety million dollars),which may be more or less during the seven-year <br /> life of the project and which investment will be made over a period of time and on a phased basis; and <br /> WHEREAS,the Company's net new taxable investment will be the result of the purchase of land <br /> and building a new facility and the purchase of machinery and equipment to be placed in a facility in <br /> Sanford, Lee County,NC; and <br /> WHEREAS,the Company will create at least 102 (one hundred and two)new permanent, full- <br /> time benefitted jobs with an average annual wage of$91,496 (ninety-one thousand, four hundred and <br /> ninety-six dollars)over the seven year length of the project; <br /> WHEREAS,the County intends to make seven annual cash grant incentives based on a <br /> percentage of net new taxable value of the facility. The amount of each year's grant is as follows: year <br /> one and two will be 80(eighty)percent of the ad valorem taxes paid by the Company,year three and year <br /> four will be 70(seventy)percent of the ad valorem taxes paid by the Company, year five, six,and seven <br /> will be 60(sixty)percent of the ad valorem taxes paid by the Company. Lee County anticipates the <br /> amount of cash incentives will be$4,695,935 (four million, six hundred ninety-five thousand,nine <br /> hundred and thirty-five dollars), which may be more or less if the Company's investments are more or <br /> less in any given year depending on Company's net new taxable investment, however no payment will be <br /> above the stated percentages. <br /> NOW THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners that the <br /> Board finds the project will stimulate and stabilize the local economy, promote additional business <br /> activity,add to the tax base,create new jobs in the County and estimates that the County will recover its <br /> consideration for the project taking into account prospective tax revenue from improvements on the <br />