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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AUGUST 15, 2011 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />County Manager - Cost Savings for Harvest Facility Project Through Self - <br />Financing <br />BRIEF SUMMARY: <br />At its June, 2011 regular meeting, the Board of Commissioners awarded a <br />contract to JD Goodrum Company for the construction of a large- animal <br />harvesting and processing facility in Rimer. The facility will be operated under <br />a management agreement with Cruse Meats Company. <br />It was understood that the water and wastewater systems, estimated to cost <br />around $350,000, will be constructed under a separate contract, with funding <br />provided through a grant or a loan. In the case of a loan, the debt would be <br />serviced by a surcharge on the price of processing. <br />After searching and applying for grants for two years, it appears there are <br />none available. Now that a loan is necessary, the most cost effective method <br />is to self- finance, saving, for example, $160,000 on a 20 -year loan at 4 %. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />John Day, County Manager <br />F -2 Page 95 <br />