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0 0 <br />BOOK 21 wE b6$ <br />Lee County, City of Sanford and Town of Broadway <br />Economic Development Investment Guidelines <br />Purpose <br />Under the authority of NCGS 158-7.1 and in order to remain competitive in recruiting new <br />industry and retaining expansions of existing businesses currently located in Lee County, the <br />Lee County Economic Development Corporation, in cooperation with the governing bodies of <br />the Town of Broadway, City of Sanford, and Lee County, may provide various financial <br />investments for companies seeking to relocate or expand business in Lee County. These <br />investments are designed to stimulate development. Businesses or industries receiving <br />benefits under these guidelines are asked to encourage their leadership or management to <br />consider residing in Lee County. <br />Qualifications <br />Each project will be considered on a case-by-case basis, provided they meet all the following <br />criteria: <br />Project must involve a facility used for mining & mining support, manufacturing, <br />wholesaling, transportation & warehousing, information services and data processing services, <br />finance and insurance, professional, or central office. <br />• Capital investment for a new project of at least $5 million or capital investment of an <br />expansion of an existing business of at least $1 million. <br />• Creation or retention of quality jobs paying at least 100% of the average wage for the <br />applicable industry sector in Lee County. <br />Exclusions <br />No project will be considered for a grant if any of the following apply: <br />• That company, parent, subsidiary, or affiliated company is not current in all ad valorem tax <br />payments to the County. <br />• The project would result in a net reduction of the ad valorem tax valuation of all facilities in <br />the County owned by the company. <br />• If the company assigns the grant to another company without prior written consent of the <br />EDC Board and the governing boards. <br />• The project poses a significant risk of hazard to or degradation of the environment. <br />Use of Grant Funds <br />Funds can be used for any purpose under NCGS 158-7.1, including, but not limited to, site <br />acquisition, site preparation, internal and external infrastructure, site improvements, job <br />training or other purposes which leave value in the community. It is in the complete discretion <br />of the governing bodies whether to make any economic development investment grant. <br />16 of 16 <br />