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0 a' c„ v f cE 4M7 <br />RESOLUTION AUTHORIZING THE EXPENDITURE <br />OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT <br />AND APPROVING AN AGREEMENT <br />WITH LEE COUNTY ECONOMIC DEVELOPMENT CORPORATION <br />(CHALLENGE PRINTING COMPANY) <br />Herbert A. Hincks, Chairman <br />WHEREAS, notice of a public hearing was published that Lee County proposed <br />to participate in the cost of an economic development project with Lee County Economic <br />Development Corporation and the City of Sanford, which consists of the cost of site <br />grading and preparation on land by the Challenge Printing Company in the City of <br />Sanford in Lee County; and <br />WHEREAS, the Challenge Printing Company will construct a building <br />containing not less than 30,000 square feet and the building, and equipment will be an <br />investment of at least $2.5 million dollars and will provide employment for at least 30 <br />people when fully operational. <br />HOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of <br />Lee County that the Board finds that the project will stimulate the local economy, <br />promote business, and result in the creation of a number of jobs in the County; and <br />estimates that the County will recover its consideration for the project within ten years or <br />less taking into account prospective tax revenues from improvements to be constructed <br />on the property. sales tax revenues generated in the area, as well as other prospective tax <br />revenues or income coming to the County as a results of the project; <br />BE IT FURTHER RESOLVED by the Board of Commissioners that it hereby <br />approves the expenditure of up to $35,359 of Economic Development funds for the <br />Challenge Printing Company project and that the attached agreement between Lee <br />County and the Lee County Economic Development Corporation is hereby approved and <br />the Chairman and the Clerk to the Board are hereby authorized to hereby execute the <br />agreement on behalf of the County, subject to a pre-audit certificate thereon and approval <br />by the City Council of the City of Sanford for the participation of the City in the project. <br />Adopted this the 20`h day of June 2005. <br />LEE CO rTY <br />i <br />