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0 0 <br />BOOK 21 PAGE 891 <br />BOARD OF COMMISSIONERS <br />OF <br />LEE COUNTY, NORTH CAROLINA <br />Extract of Minutes <br />of Meeting of <br />November 5, 2007 <br />Present: Chairman Robert H. Brown <br />Commissioners: James Kelly, Jerry Lemmond, Nathan Pascha <br />Shook and Kirk Smith <br />Absent: min <br />presiding, and <br />Robert Reives, Linda <br />Commissioner Jerry Lemmond introduced the <br />following resolution, the title of which was read: <br />APPROVAL IN PRINCIPLE OF INDUSTRIAL PROJECT FOR <br />SOLUS INDUSTRIAL INNOVATIONS, LLC. AND GEMINI <br />ONE, LLC, AND THE FINANCING THEREOF WITH <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS IN THE <br />PRINCIPAL AMOUNT OF UP TO 510,000,000 <br />WHEREAS, The Lee County Industrial Facilities and Pollution Control Financing <br />Authority (the "Authority") has agreed to assist in the financing under the North Carolina <br />Industrial and Pollution Control Facilities Financing Act (the "Act") of an industrial project by <br />Gemini One, LLC, a North Carolina limited liability company, or a related or affiliated entity <br />(the "Owner"), which plans to acquire, construct and equip an approximately 218,000 square <br />foot facility to be used for the manufacture of conveyor systems and related products (the <br />"Project") to be operated by Solus Innovations, LLC, a Delaware limited liability company, or a <br />related or affiliated entity (the "Operator," and collectively with the Owner, the "Company"), in <br />Sanford, Lee County, North Carolina and has indicated that agreement by the execution of an <br />Inducement Agreement between the parties dated December 21, 2005 and amended on April 18, <br />2007 and October 24, 2007; and <br />WHEREAS, under G.S. § 159C-7 each project must be approved by the Secretary of the <br />Department of Commerce and, under Article 51 B of Chapter 143 of the North Carolina General <br />Statutes, the Federal Tax Reform Allocation Committee must allocate a sufficient amount of <br />North Carolina's "private activity bond limit," as defined in Section 141 of the Internal Revenue <br />Code of 1986, as amended (the "Code") to the financing; and <br />WHEREAS the Act and the Rules and Procedures of the North Carolina Department of <br />Commerce require that the governing body of a county approve in principle any project to be <br />financed under the Act; and <br />