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Resolution - Caterpillar Performance Agree - #2011-3
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Resolution - Caterpillar Performance Agree - #2011-3
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2011 - <br />LEE COUNTY <br />©000a. aaa e G ' a C 0 _ <br />Committed Today f o r a Better Tomorrow <br />RESOLUTION <br />APPROVING CATERPILLAR'S PERFORMANCE AGREEMENT WITH THE ONE NORTH CAROLINA <br />FUND <br />AND THE COUNTY'S GRANT AGREEMENT WITH THE ONE NORTH CAROLINA FUND <br />WHEREAS, Lee County's application for a One North Carolina Fund grant, administered by the <br />Department of Commerce, to assist a project involving Caterpillar, Inc. has been conditionally approved <br />in the maximum amount of $600,000; and <br />WHEREAS, as part of the grant approval process Caterpillar, Inc. has entered into a <br />Performance Agreement with the One North Carolina Fund requiring, among other things, that the <br />company retain 739 existing jobs at Caterpillar's Sanford and Clayton facilities; create an additional 325 <br />well - paying, full time jobs, and make over $28,000,000 in new investment in North Carolina; and <br />WHEREAS, the grant will stimulate economic activity in Lee County and North Carolina and <br />create new jobs for the citizens therein; and, <br />WHEREAS, the grant is conditioned upon the County's agreement to match the grant dollar for <br />• dollar, accept the terms of Caterpillar's Performance Agreement, and comply with administrative terms <br />and conditions required by law and set out in a Local Government Grant Agreement; and <br />WHEREAS, the County, by resolution of this Board, previously has entered into an agreement <br />with Caterpillar, Inc. that provides economic incentives to the company during the proposed grant <br />period which will more than satisfy the County's obligation to match the grant; <br />NOW, THEREFORE, BE IT RESOLVED that Lee County accepts the terms of Caterpillar's <br />Performance Agreement with the One North Carolina Fund and the terms of the Grant Agreement and <br />authorizes and directs its Clerk and the County Manager to execute these documents on behalf of the <br />County. <br />ADOPTED by majority vote, a quorum being present, this the 3 .st day of January 2011. <br />Viroa A. Shook, Chairman <br />Lee County Board of Commissioners <br />ATTEST: <br />C ell M. Lee, Clerl <br />• <br />
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