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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />NOVEMBER 15, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />BOC - Resolution Approving in Principle of Special Purpose Project for <br />Carolina USA Partners, LLC and the Financing Thereof with Recovery <br />Zone Facility Bonds in the Principal Amount of up to $100,000,000 & <br />Public Hearing — 6:30 P.M. <br />BRIEF SUMMARY: <br />Jerry Newton, Project Representative for Carolina USA Partners, LLC., <br />will address the need for the Board to adopt a resolution approving, in <br />principle, the issuance of Recovery Zone Facility Bonds in an amount not <br />to exceed $100,000,000, by the Cabarrus County Industrial Facilities <br />Pollution Control Financing Authority for Carolina USA Partners, LLC., <br />which will be loaned to Carolina USA Partners, LLC., to be used to <br />finance the acquisition, construction and equipping of the purchase of the <br />existing Philip Morris USA manufacturing facility and the renovation of <br />such facility into an industrial mall (the "Project "), consisting of a total of <br />approximately 3.5 million square feet located on an approximately 1,264 <br />acre tract located at 2321 Concord Parkway South, Concord, Cabarrus <br />County. The Project is expected to create approximately 2,500 new jobs <br />in Cabarrus County. The Company expects the total cost of the Project to <br />be in excess of $100,000,000. <br />Highlights of the resolution are as follows: G -6 Page 164 1. The proposed <br />"special purpose project" consisting of the acquisition, renovation and <br />equipping of an industrial mall (the "Project "), under the Code, to be <br />owned and operated by Carolina USA Partners, LLC, a North Carolina <br />limited liability company, or an affiliated or related entity, and the issuance <br />of recovery zone facility bonds by the Authority in an amount not to <br />exceed $100,000,000 therefore are hereby approved in principle. <br />Page 105 <br />G -2 <br />