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FILED <br /> LEE COUNTY NC <br /> PAMELA G. BRITT <br /> REGISTER OF DEEDS <br /> FILED Oct 23, 2023 <br /> AT 02:23:22 pm <br /> BOOK 00003 <br /> START PAGE 0960 <br /> END PAGE 0960 <br /> INSTRUMENT# 06667 <br /> EXCISE TAX (None) <br /> RESOLUTION AUTHORIZING THE EXPENDITURE OF <br /> FUNDS FOR AN ECONOMIC DEVELOPMENT PROJECT AND APPROVING AN <br /> AGREEMENT WITH CATERPILLAR INC. <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 Caterpillar Inc.; and <br /> WHEREAS, a public hearing was held by the Lee County Board of Commissioners on August <br /> 21, 2023,in which one person spoke in favor of the project and no one spoke in opposition of the project; <br /> and <br /> WHEREAS,the project represents a net new taxable investment by Caterpillar Inc. of at least <br /> $36,000,000.00(thirty-six million dollars)in the upfit of a building,building renovations,the purchase of <br /> machinery and equipment and the maintenance of at least 1,440(one thousand four hundred and forty) <br /> jobs having an average annual wage of at least$49,670.00(forty-nine thousand, six hundred seventy <br /> dollars)in Lee County,North Carolina, in which the County will share up to$570,960.00(five hundred <br /> seventy thousand,nine hundred sixty dollars)of the cost of the project with revenue from the County's <br /> General Fund over the five year life of the project. In addition, Caterpillar Inc. will purchase an existing <br /> building worth approximately$20,000,000.00(twenty million dollars)which is not included as net new <br /> taxable investment. <br /> NOW THEREFORE,BE IT RESOLVED by the Lee County Board of Commissioners that the <br /> Board finds the project will stimulate the local economy,promote business,and result in the maintenance <br /> of jobs in the County and the avoidance of significant job loss; and estimates that the County will recover <br /> its consideration for the project taking into account prospective tax revenue from improvements on the <br /> property and sales tax revenues generated in the area,as well as other prospective tax revenues or income <br /> 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 Lee County and Caterpillar Inc. and that Staff has authority to <br /> make minor changes to the Agreement and the Board's Chair and Clerk are hereby authorized to execute <br /> the agreement on behalf of the County. <br /> PA <br /> ADOPTED this day of ,10�_3. <br /> it . Smith,Chair <br /> Lee County Board of Commissioners <br /> COU���y <br /> ATTEST: <br /> �I <br /> Hailey Hall, Cler o the Board <br />