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Agenda Package - 06-04-07
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Agenda Package - 06-04-07
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Agenda
Committee
Board of Commissioners
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G 015 <br />• Tax Reform Allocation Committee to allocate up to $7,500,000.00 of the States <br />2007 "Private Activity Bond Limit" for the financing of this project. Mr. Hoyle <br />stressed to the Board that Lee County does not assume any liability for this <br />project and the full faith and credit of the county is not pledged. <br />Economic Development Director Bob Heuts spoke in favor of the project <br />for System-Plast, LLC, stating it would be good for Lee County. <br />County Attorney K. R. Hoyle presented the second advertised public <br />hearing regarding the industrial project and revenue bonds for Challenge Printing <br />Co. of the Carolinas. Mr. Hoyle stated the Lee County Industrial Facilities and <br />Pollution Control Financing Authority (the "Authority") is asking the Board of <br />Commissioners to adopt a resolution approving in principle the Challenge <br />Printing Co. of the Carolinas, Inc. project concerning the issuance and sale, by <br />the Authority, of Industrial Revenue Bonds (IRB's) in an amount of <br />$6,000.000.00, the proceeds of which will be loaned to challenge Printing Co. of <br />the Carolinas, Inc. to finance construction and equipping of a facility of <br />approximately 44,000 square feet for the manufacture of labels. The facility will <br />be located at Womack Road and Clyde Rhyne Drive in the Lee County Industrial <br />Park, Sanford, North Carolina, and is expected to create approximately new 65 <br />jobs. Under the terms of the Loan Agreement the payment of the principal and <br />purchase price of and interest on the bonds will be secured by an irrevocable, <br />direct-pay letter of credit issued by a bank. The resolution approves the plan of <br />financing and requests the Federal Tax Reform Allocation Committee to allocate <br />up to $6,000,000.00 of the States 2007 "Private Activity Bond Limit" for the <br />financing of this project. Mr. Hoyle once again stressed that Lee County does <br />not assume any liability for this project and the full faith and credit of the county is <br />not pledged. <br />Economic Development Director Bob Heuts spoke in favor of the project <br />for Challenge Printing Co. of the Carolinas, stating it would be good for Lee <br />County. <br />Chairman Brown closed the public hearing. <br />Commissioner Lemmond presented and introduced the resolution <br />Approving in Principle of Industrial Project for System-Plant LLC, and the <br />Financing Thereof with Industrial Development Revenue Bonds in the Principal <br />Amount of up to $7,500,000 and seconded by Commissioner Reives, a copy of <br />which is attached to these minutes and by this reference made a part hereof. <br />Upon a vote, the results were as follows: <br />Aye: Brown, Kelly, Lemmond, Paschal, Reives, and Shook <br />Nay: None <br />S The Chairman ruled the motion had been adopted unanimously. <br />3 <br />
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