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LEE 0UNTY o <br />Committed Today for a Better Tornorrow <br />AGENDA ITEM: V. A. <br />MEETING DATE: May 21, 2007 <br />MEMO TO COMMISSIONERS: <br />FROM: Gaynell Lee, Clerk to the Board <br />DATE: May 14, 2007 <br />SUBJECT: Public Hearing Regarding Industrial Project and Revenue Bonds for <br />System-Pfast, LLC Project <br />EXPLANATION: The Lee County Industrial Facilities and Pollution Control Financing Authority (the <br />"Authority") is asking the Board of Commissioners to adopt a resolution approving in principle the System- <br />Plast Project concerning the issuance and sale of, by the Authority, Industrial Revenue Bonds (IRB's) in <br />an amount of $7,500,000, the proceeds of which will be loaned to System-Plast, LLC, to finance <br />construction and equipping of a facility of approximately 218,000 square feet for the manufacture of <br />conveyor systems and related products. The facility will be located at 2000 Boone Trail Road, Sanford, <br />NC, and is expected to create approximately 50 jobs. Under the terms of the loan agreement the <br />payment of the principal and purchase price of and interest on the bonds will be secured by an <br />irrevocable, direct-pay letter of credit issued by a bank. <br />The resolution approves the plan of financing and requests the Federal Tax Reform Allocation <br />Committee to allocate up to $7,500,000 of the States 2007 "Private Activity Bond Limit" for the financing <br />of this project. <br />The County does not assume any liability for this project and the full faith and credit of the <br />county is not pledged. <br />RECOMMENDATION OF COUNTY ATTORNEY: Conduct public hearing as advertised for <br />this date and time and approve resolution as presented. <br />ATTACHMENTS: <br />- Public Notice from May 5, 2007 Sanford Herald; and <br />- Resolution to Approve Industrial Project for System-Plast, LLC <br />[ <br />