2002 - 12-02-02 Regular Meeting - Laserfiche WebLink

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N No;;9 F cF G s BOARD OF COMMISSIONERS OF LEE COUNTY, NORTH CAROLINA Extract of Minutes of Meeting of December 2, 2002 Present: Chairman Herbert A. Hincks, presiding, and Commissioners: W. Chad Adams, Herbert A. Hincks, Jerry M. Lemmond, Bertha L. Matthews, Nathan E. Paschal, Robert T. Reives, and Amy L. Stevens Absent: N/A Commissioner Bertha L. Matthews introduced the following resolution, the title of which was read: APPROVAL IN PRINCIPLE OF INDUS,rR1AL PROJECT FOR FREEMOR, LLC, AND TI-IE FINANCING THEREOF WITH INDUSTRIAL DEVELOPMENT REVENUE BONDS INTHE PRINCIPAL AMOUNT OF UP TO $4,000,000 WHEREAS: The Lee County Industrial Facilities and Pollution Control Financing Authority (the "Authority") has agreed to assist in the financing under the North Carolina Industrial and Pollution Control Facilities Financing Act (the "Act") of an industrial project by Freemor, LLC, it North Carolina limited liability company, or its affiliated or related entity (the "Company"), which plans to acquire, rehabilitate and equip an approximately 135,000 square foot facility for the manufacture of doors and other construction materials (the "Project") and has indicated that agreement by the execution of an Inducement Agreement between the parties dated October 16, 2002; and WFIEREAS: Under G.S. § 159C-7 each project mast be approved by the Secretary of the Department of Commerce and, under Article 5113 of Chapter 143 of the North Carolina General Statutes, the Fedcral Tax Reform Allocation Committee must allocate a sufficient amount of North Carolina's "private activity bond limit," as defined in Section 141 of the Internal Revenue Code of 1956, as amended (the "Code") to the financing; and \\TIEREAS: The Rules and Procedures of the North Carolina Department of Commerce require that the governing body of a county approve in principle any project to be financed under the Act: and