# RESOLUTION NO. 23-29

**RESOLUTION FOR HICKMAN COUNTY TO DEED PROPERTY TO INDUSTRIAL DEVELOPMENT BOARD FOR POTENTIAL SALE TO LAZESTAR INC.**

WHEREAS, on August 22, 2023, Lazestar Inc. sent a non-binding letter of intent (the "LOI") to the Hickman County Economic & Community Development Association offering to acquire from the Industrial Development Board of Hickman County (the "IDB") certain property on Hwy 7 south of the new cutoff road described as the Lyles-East Hickman Industrial Park (approx. 6-8 acres) (the "Property") for $15,000 an acre, subject to negotiation of a mutually acceptable Purchase and Sale Agreement between Lazestar Inc. and the IDB;

WHEREAS, on August 28, 2023, the Legislative Body passed by unanimous vote of 13 members present, a resolution expressing its intent to transfer the Property to the IDB for the purpose of facilitating the potential sale of the Property to Lazestar Inc.; and

WHEREAS, the Economic Impact Analysis of Younger Associates, dated 9/13/2023, finds that the sale of the Property to Lazestar Inc. for its proposed business purposes will generate significant economic benefits to the County, including:

1. Total capital investment of $5.48M, yielding an estimated local tax benefit of over $800K across a 7-year period.
2. The creation of 25 full-time jobs yielding an annual payroll of $1.5M.
3. A commitment to partner with local high schools to provide vocational training in welding and mechatronics, creating career opportunities for our county's students.

NOW, THEREFORE, BE IT RESOLVED, the public need requiring it, that the Hickman County Legislative Body shall cause the Property to be deeded as soon as practicable to the IDB to facilitate the potential sale of the Property to Lazestar Inc. for $15,000 an acre, subject to negotiation of a mutually acceptable Purchase and Sale Agreement between Lazestar Inc. and the IDB.

**ATTACHMENT:** Younger Economic Impact Analysis dated 9/13/2023

Adopted by the Hickman County Commission on this 25th day of September 2023.

A sponsor said the County Attorney recommended this substitute version of the final sentence so the IDB would have flexibility without waiting for another commission meeting if modifications were needed.

**Sponsors:** Danny Clark, District 2; Carla Moore, District 6; Todd Collins, District 2; Matthew Barnhill, District 3; Steve Gianakos, District 4

**Motion:** Danny Clark, seconded by Carla Moore.

**Commission action:** 14 Aye, 0 Nay — Adopted.

**Yes:** Claude Callicott, Matthew Barnhill, Clay Chessor, Danny Clark, Todd Collins, Steve Gianakos, Dusty Jordan, Ron Mayberry, Wylie McNair, Carla Moore, Ricky Murray, Keith Nash, Devin Pickard, Wayne Thomasson.

RESOLUTION NO. 23-29

RESOLUTION FOR HICKMAN COUNTY TO DEED PROPERTY TO INDUSTRIAL DEVELOPMENT BOARD FOR POTENTIAL SALE TO LAZESTAR INC.

WHEREAS, on August 22, 2023, Lazestar Inc. sent a non-binding letter of intent (the "LOI") to the Hickman County Economic & Community Development Association offering to acquire from the Industrial Development Board of Hickman County (the "IDB") certain property on Hwy 7 south of the new cutoff road described as the Lyles-East Hickman Industrial Park (approx. 6-8 acres) (the "Property") for $15,000 an acre, subject to negotiation of a mutually acceptable Purchase and Sale Agreement between Lazestar Inc. and the IDB;

WHEREAS, on August 28, 2023, the Legislative Body passed by unanimous vote of 13 members present, a resolution expressing its intent to transfer the Property to the IDB for the purpose of facilitating the potential sale of the Property to Lazestar Inc.; and

WHEREAS, the Economic Impact Analysis of Younger Associates, dated 9/13/2023, finds that the sale of the Property to Lazestar Inc. for its proposed business purposes will generate significant economic benefits to the County, including:

Total capital investment of $5.48M, yielding an estimated local tax benefit of over $800K across a 7-year period.
The creation of 25 full-time jobs yielding an annual payroll of $1.5M.
A commitment to partner with local high schools to provide vocational training in welding and mechatronics, creating career opportunities for our county's students.

NOW, THEREFORE, BE IT RESOLVED, the public need requiring it, that the Hickman County Legislative Body shall cause the Property to be deeded as soon as practicable to the IDB to facilitate the potential sale of the Property to Lazestar Inc. for $15,000 an acre, subject to negotiation of a mutually acceptable Purchase and Sale Agreement between Lazestar Inc. and the IDB.

ATTACHMENT: Younger Economic Impact Analysis dated 9/13/2023

Adopted by the Hickman County Commission on this 25th day of September 2023.

A sponsor said the County Attorney recommended this substitute version of the final sentence so the IDB would have flexibility without waiting for another commission meeting if modifications were needed.

Sponsors: Danny Clark, District 2; Carla Moore, District 6; Todd Collins, District 2; Matthew Barnhill, District 3; Steve Gianakos, District 4

Motion: Danny Clark, seconded by Carla Moore.

Commission action: 14 Aye, 0 Nay — Adopted.

Yes: Claude Callicott, Matthew Barnhill, Clay Chessor, Danny Clark, Todd Collins, Steve Gianakos, Dusty Jordan, Ron Mayberry, Wylie McNair, Carla Moore, Ricky Murray, Keith Nash, Devin Pickard, Wayne Thomasson.