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uJ <br />RESOLUTION BY THE LEE COUNTY BOARD OF COMMISSIONERS <br />ECONOMIC DEVELOPMENT INVESTMENT GUIDELINES <br />February 18, 2013 <br />WHEREAS, Chapter 158 of the General Statutes of North Carolina <br />authorizes counties to engage in economic development activities; and <br />WHEREAS, North Carolina General statute 153A -449 authorizes counties <br />to contract with and appropriate money to a corporation to carry out any public <br />purpose that a County is authorized by law to perform; and <br />WHEREAS, it is the sense of the Board of Commissioners for Lee County <br />that the County should engage in economic development activities with <br />manufacturing, industry and all businesses and that the LCEDC should be <br />employed to undertake such activities on behalf of the County; and <br />WHEREAS, LCEDC, by action of its Board of Directors, has indicated its <br />willingness to perform such activities on behalf of the County; and <br />WHEREAS, under the authority of NCGS 158 -7.1, the Board of <br />Commissioners desires to establish an Economic Development Investment <br />Policy that complies with North Carolina Law and gives the LCEDC guidelines to <br />follow in discussing incentive possibilities that attract new industry and retain <br />existing businesses; <br />NOW, THEREFORE, be it resolved that the County adopts the following <br />Economic Development Investment Policy for business and industry; <br />1) No incentive will be considered for a new or existing industry unless <br />Lee County is competing with communities in states outside of North <br />Carolina (interstate clause) to secure new jobs or retain existing jobs. <br />2) The new or expanding industry must create and maintain a minimum <br />of 10 new jobs to be considered for an incentive. An existing industry <br />will be required to maintain existing jobs as well as create the 10 new <br />jobs. The industry will be required to maintain all jobs for the duration <br />of the incentive. Businesses will be required show proof of job creation <br />and subject to random audits for verification. <br />3) A new Company must create at least $10 million in new investment in <br />the County to be considered for an incentive. An existing Company <br />must invest a minimum of $5 million to be considered for an incentive. <br />Under both, the investment must be verified as taxable property under <br />North Carolina law and verified by the Lee County Tax Office. These <br />are target investment amounts. The County reserves the right to <br />