SANFORD — Lee County commissioners approved three contingent economic-development incentive packages totaling about $4.2 million, tied to unidentified manufacturers proposing $272.29 million in investment and 372 jobs.
The Oct. 19 votes followed public hearings on Project Sunshine, Project Maize and Project Volt. Sandhills News reported that commissioners waived their policy against voting on the same night as a hearing and approved each package unanimously.
Project Sunshine is described as a pharmaceutical-healthcare manufacturer proposing at least $230 million in Sanford investment. The company anticipates at least 200 full-time benefited jobs with an average annual wage of $103,000. Lee County’s public notice describes six annual incentives equal to 60% of the company’s ad valorem taxes, with an anticipated total of $3,774,352.
Project Maize is described as a manufacturer serving foodservice, retail and industrial customers. It proposes at least $20,990,435 in machinery and equipment and 62 full-time benefited jobs averaging $59,949. The approved package anticipates $127,403 over three years, equal to 50% of ad valorem taxes paid under the project terms.
Project Volt is described as an electrical-materials manufacturer serving transformer and power-equipment markets. It proposes at least $21.3 million for land, a new facility, machinery and equipment, along with 110 full-time benefited jobs averaging $71,707. The approved package anticipates $298,350 over five years, equal to 50% of ad valorem taxes paid under the project terms.
The three anticipated incentive totals add to $4,200,105. Actual payments could be higher or lower because they are calculated from taxable investment and property taxes paid, subject to the approved percentage limits. The county plans to fund the payments from its General Fund.
The votes create contingent public commitments; they do not establish that the unidentified companies have selected Sanford, started construction or hired workers. County notices say the investments and hiring may occur in phases, and Sandhills News reported that company identities would be disclosed if the projects select Lee County.