BC 1988 08 15 - Laserfiche WebLink

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458 The names and addresses of the persons who were present, summaries of their oral comments and copies of their written comments are set forth on Exhibit A attached hereto. After the Board had heard all persons who requested to be heard, Commissioner Hamby moved that the public hearing be closed. The motion was seconded by Commissioner Melvin and was unanimously adopted. The Chairman then stated that pursuant to Federal law in order for industrial revenue bonds to be issued an application must be filed with the North Carolina Department of Commerce requesting an allocation for such bonds under the North Carolina ceiling for private activity bonds. Thereupon, Commissioner Hamby introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which was read: RESOLUTION AUTHORIZING THE APPROVAL IN PRINCIPLE OF AN INDUSTRIAL PROJECT IN CABARRUS COUNTY, NORTH CAROLINA, TO BE FINANCED FOR CRAFTSMEN FABRICS INDUSTRIES, INCORPORATED, BY THE ISSUANCE OF INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $4,000,000 AND AUTHORIZING AN APPLICATION TO THE NORTH CAROLINA DEPARTMENT OF COMMERCE FOR A PRIVATE ACTIVITY BOND ALLOCATION FOR SUCH PROJECT AND BONDS. BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus: Section 1. The proposed industrial project to 'consist of acquiring approximately 12 acres of land (the "Land"), rehabilitating and renovating an existing manufacturing building containing approximately 110,000 square feet of space and located on the Land at 280 Manor Avenue, Concord, North Carolina (the "Existing Building"), constructing on the Land a building addition to the Existing Building containing approximately 60,000 square feet of space (the "Addition"), and acquiring and installing in the Existing Building and the Addition certain new machinery and equipment (the "Equipment"; the Land, the Existing Building, the Addition and the Equipment hereinafter collectively called the "Project"), all of which will be used by the Company in the dyeing and finishing of circular knit fabric and related products, all or a portion of the cost of which is to be financed by issuance of industrial revenue bonds of the Authority in an aggregate principal amount not to exceed $4,000,000 (the "Bonds") is hereby approved in principle. Section 1. The Clerk to the Board is hereby authorized and directed to submit a certified copy of this Resolution to the North Carolina Department of Commerce as an application for an allocation for the Bonds and the Project under the North Carolina ceiling for private activity bonds estab- lished under the Act (the "Allocation"), and with respect to the Allocation, the Board of Commissioners for the County of Cabarrus hereby agrees as follows: (i) The Allocation will be used only for the Bonds and only for the Project described above; (ii) The Allocation will be used within the time limits specified in the document granting the Allocation or within any extension of those limits subsequently granted by the North Carolina Department of Commerce; (iii) The Board will allow, without contest, any unused portion of the Allocation to revert back to the State of North Carolina for use by other applicants; (iv) The Board will report, or will cause to be reported, to the North Carolina Department of Commerce the exact principal amount of the Bonds within the time period prescribed by the North Carolina Department of Commerce. Section 3. The Clerk to the Board of Commissioners for the County of Cabarrus, North Carolina, is directed to file a certified copy of this resolution with the North Carolina Department of Commerce.