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d01i-3 <br />RESOLUTION AUTHORIZING AN ECONOMIC DEVELOPMENT PROJECT <br />FOR CC ENTERPRISE PARK, LLC <br />AND APPROVING A MEMORANDUM OF UNDERSTANDING <br />AND AUTHORIZING A LEASE <br />WHEREAS, North Carolina General Statute 158-7.1 authorizes a county to <br />undertake an economic development project to entice business and industry to locate <br />within the city; and <br />WHEREAS, notice of a public hearing was published that the Sanford City <br />Council and the County of Lee proposed to participate in an economic development <br />project through a lease of a newly constructed spec building from CC Enterprise Park, <br />LLC, a North Carolina Limited Liability Company located in Sanford, Lee County, NC; <br />and <br />WHEREAS, the project represents an investment by CC Enterprise Park, LLC, in <br />the construction of a 100,000+/- square foot spec building worth approximately <br />$4,000,000.00 (Four Million Dollars) in Sanford, Lee County, NC; and <br />WHEREAS, by entering into the Memorandum of Understanding, Lee County <br />and the City of Sanford commit to undertaking the lease of said spec building after <br />construction, for up to 24 months, at a monthly rental not to exceed $27,083.33 per <br />month or up to $325,000 per year, split between both units of Government, unless sooner <br />sold to an end user; and <br />WHEREAS, CC Enterprise Park, LLC, the owner; Samet Properties, LLC, the <br />builder; and Sanford -Lee County Partnership for Prosperity d/b/a Sanford Area Growth <br />Alliance, the promoter; commit to undertaking the activities described in the <br />Memorandum of Understanding to construct, build, and finance a 100,000+/- sq. ft. spec <br />building and to market, conduct site visits, and hold events to entice new businesses and <br />industries to come to Sanford/Lee County and relocate or expand in Lee County. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of <br />Commissioners that the Commissioners finds that the project will increase the tax base, <br />stimulate the local economy, create jobs, encourage business and industry to locate in the <br />City, and will promote business and industry in the City; and <br />