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0 BOOK 21 PAGE 9 3 <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 />WYETH <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 constructing an Administration building located in Lee County, NC; and <br />WHEREAS, the project represents an investment by Wyeth of at least <br />$50,000,000.00 and would create a facility that would help to retain a substantial number <br />of 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 facility that would help to retain a <br />substantial number of jobs in the County and estimates that the County will recover its <br />consideration for the project within five years or less taking into account prospective tax <br />revenues from improvements to be constructed on the property, sales tax revenues <br />generated in the area, as well as other prospective tax revenues or income coming to the <br />County as a result of the project. <br />BE IT FURTHER RESOLVED by the Lee County Board of Commissioners that <br />it hereby authorizes the Lee County Economic Development Corporation to negotiate <br />with Wyeth for incentives in an economic development project not to exceed <br />$911,858.00 and to submit an agreement for the agreed on amount for consideration by <br />this Board. <br />