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0 0 <br />BOOK 20 PAGE 726 <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />WHEREAS, notice of a public hearing was published that the Lee County Board <br />of Commissioners proposed to participate in an economic development project with the <br />Lee County Economic Development Corporation which consists of participation in the <br />cost of site preparation for a manufacturing facility for System Plast USA located in Lee <br />County, NC; and <br />WHEREAS, the project represents an investment by System Plast USA of at least <br />$3,800,000.00 and will create at least 50 additional jobs in Lee County, NC. <br />WHEREAS, notice of a public hearing was published that the Lee County Board <br />of Commissioners proposed to participate in an economic development project with the <br />Lee County Economic Development Corporation which consists of participation in the <br />cost of site preparation for a manufacturing facility for Challenge Printing Company <br />located in Lee County, NC; and <br />WHEREAS, the project represents an investment by Challenge Printing Company <br />of at least $6,000,000.00 and will create at least 20 additional jobs in Lee County, NC. <br />WHEREAS, notice of a public hearing was published that the Lee County Board <br />of Commissioners proposed to participate in an economic development project with the <br />Lee County Economic Development Corporation which consists of participation in the <br />cost of equipping a manufacturing facility for Pentair Water, Pool and Spa located in Lee <br />County, NC; and <br />WHEREAS, the project represents an investment by Pentair Water, Pool & Spa of <br />at least $3,000.000.00 and will create at least 100 additional jobs in Lee County, NC. <br />NOW. THEREFORE, BE IT RESOLVED by the Lee County Board of <br />Commissioners that the Board finds that the project will stimulate the local economy, <br />promote business, and result in the creation of a substantial number of jobs in the County; <br />and estimates that the County will recover its consideration for the project within five <br />years or less taking into account prospective tax revenues from improvements to be <br />constructed on the property, sales tax revenues generated in the area, as well as other <br />prospective tax revenues or income coming to the County as a result of the project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that <br />it hereby approves the grant of incentive funds in keeping with the attached summary <br />sheet and the attached agreements between the County of Lee and Lee County Economic <br />Development Corporation and the Chairman and Board Clerk are hereby authorized to <br />execute these agreement on behalf of the County in keeping with said grants. <br />