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

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BOOK 21 PAGE 5669 Tax Reform Allocation Committee to allocate up to $7,500,000.00 of the States 2007 "Private Activity Bond Limit" for the financing of this project. Mr. Hoyle stressed to the Board that Lee County does not assume any liability for this project and the full faith and credit of the county is not pledged. Economic Development Director Bob Heuts spoke in favor of the project for System-Plast, LLC, stating it would be good for Lee County. County Attorney K. R. Hoyle presented the second advertised public hearing regarding the industrial project and revenue bonds for Challenge Printing Co. of the Carolinas. 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 Challenge Printing Co. of the Carolinas, Inc. project concerning the issuance and sale, by the Authority, of Industrial Revenue Bonds (IRB's) in an amount of $6,000.000.00, the proceeds of which will be loaned to challenge Printing Co. of the Carolinas, Inc. to finance construction and equipping of a facility of approximately 44,000 square feet for the manufacture of labels. The facility will be located at Womack Road and Clyde Rhyne Drive in the Lee County Industrial Park, Sanford, North Carolina, and is expected to create approximately new 65 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 Tax Reform Allocation Committee to allocate up to $6,000,000.00 of the States 2007 "Private Activity Bond Limit" for the financing of this project. Mr. Hoyle once again stressed that Lee County does not assume any liability for this project and the full faith and credit of the county is not pledged. Economic Development Director Bob Heuts spoke in favor of the project for Challenge Printing Co. of the Carolinas, stating it would be good for Lee County. Chairman Brown closed the public hearing. Commissioner Lemmond presented and introduced the resolution Approving in Principle of Industrial Project for System-Plast LLC, and the Financing Thereof with Industrial Development Revenue Bonds in the Principal Amount of up to $7,500,000 and seconded by Commissioner Reives, a copy of which is attached to these minutes and by this reference made a part hereof. 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. 3