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2010 - <br />RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS FOR AN <br />ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN AGREEMENT <br />WITH THE LEE COUNTY ECONOMIC DEVELOPMENT CORPORTION <br />COTY US LLC <br />WHEREAS, notice of a public hearing was published that the Lee County Board of <br />Commissioners proposed to participate in an economic development project with the Lee <br />County Economic Development Corporation which consists of participation in the cost of <br />retrofitting of space and the cost of new machinery for a manufacturing facility located in <br />Sanford, Lee County, North Carolina; and <br />WHEREAS, the project represents an investment of Coty US LLC of at least <br />$12,000,000.00 and the creation of up to an additional 140 jobs in Sanford, Lee County, North <br />Carolina. <br />NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners <br />that the Board finds that the project will stimulate the local economy, promote business, and <br />result in the creation 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 on the property, sales tax revenues generated in the area, as well <br />as other 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 it hereby <br />approves the attached agreement between the County of Lee and Lee County Economic <br />Development Corporation and the Chairman and Board Clerk are hereby authorized to execute <br />the agreement on behalf of the county. <br />This action is effective this 15 day of November 2010. <br />ATTEST: <br />ayn II . Lee, Clerk tothe oaf <br />L i %, <br />.-1 �A tt o rney <br />Richard B. Hayes, ChairmAn <br />Lee County Board of Commissioners <br />