2007 - 05-21-07 Regular Meeting - Laserfiche WebLink

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BOOK 21 PAGE 563 Commissioner Kelly moved to approve the agenda as amended. Upon a vote, the results were as follows: Aye: Brown, Kelly, Lemmond, Paschal, Reives, and Shook Nay: None The Chairman ruled the motion had been adopted unanimously. Commissioner Lemmond moved to approve the Consent Agenda as presented, which consisted of the following items: Minutes from the May 7, 2007 regular meeting; Minutes from the May 14, 2007 budget work session, April 2007 Tax Releases and Refunds (copy attached); and Budget Amendment # 05121/07/#20 (copy attached) Upon a vote, the results were as follows: Aye: Brown, Kelly, Lemmond, Paschal, Reives, and Shook Nay: None The Chairman ruled the motion had been adopted unanimously. Ms. Dorothy Bursey, 3067 Bourbon Street, Sanford, signed up to speak during the Public Comments section of the meeting. Ms. Bursey lives in District 2 (Carolina Trace) and voiced concerns to the fact there is currently no representation from that district on the Board of Commissioners. It was further stated she was in support of Mr. Kirk Smith filling the vacant seat of former Commissioner Amy Stevens. At this time Chairman Brown opened public hearings as advertised for this date and time regarding industrial project and revenue bonds for System-Plast, LLC, and Challenge Printing Co. of the Carolinas. County Attorney K. R. Hoyle presented the first public hearing for System-Plast, LLC. Mr. Hoyle stated the Lee County Industrial Facilities and Pollution Control Financing Authority (the "Authority") is asking the Board of Commissioners to adopt a resolution approving in principle the System-Plast project concerning the issuance and sale of, by the Authority, Industrial Revenue Bonds (IRB's) in an amount of $7,500,000.00, the proceeds of which will be loaned to System-Plast, LLC, to finance construction and equipping of a facility of approximately 218,000 square feet for the manufacture of conveyor systems and related products. The facility will be located at 2000 Boone Trail Road, Sanford, North Carolina, and is expected to create approximately 50 new jobs. Under the terms of the loan agreement the payment of the principal and purchase price of and interest on the bonds will be secured by an irrevocable, direct-pay letter of credit issued by a bank. The resolution approves the plan of financing and requests the Federal 2