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BOARD OF COMMISSIONERS <br />OF <br />CABARRUS COUNTY, NORTH CAROLINA <br />Extract of Minutes <br />of Meeting of November 15, 2010 <br />Present: Chairman presiding, and Commissioners: <br />Absent: <br />Commissioner <br />following resolution, the title of which was read: <br />introduced the <br />APPROVAL IN PRINCIPLE OF SPECIAL PURPOSE PROJECT <br />FOR CAROLINA USA PARTNERS, LLC AND THE <br />FINANCING THEREOF WITH RECOVERY ZONE FACILITY <br />BONDS IN THE PRINCIPAL AMOUNT OF UP TO <br />$100,000,000 <br />WHEREAS, The Cabarrus County Industrial Facilities and Pollution Control Financing <br />Authority (the "Authority ") proposes to assist in the financing under the North Carolina <br />Industrial and Pollution Control Facilities Financing Act, Chapter 159C of the North Carolina <br />General Statutes, as amended (the "Act ") of a "special purpose project," the proceeds of which <br />will be loaned to Carolina USA Partners, LLC, a North Carolina limited liability company, or an <br />affiliate or subsidiary thereof (the "Company "), to be used to finance the acquisition, renovation <br />and equipping of an industrial mall (the "Project "), to be owned and operated by the Company, <br />or an affiliated or related entity, in Concord, Cabarrus County, North Carolina; and <br />WHEREAS, on October 18, 2010, the Board of County Commissioners of Cabarrus <br />County declared the County a recovery zone for purposes of Section 140OU -1 through 140OU -3 <br />of the Internal Revenue Code of 1986, as amended (the "Code "); and <br />WHEREAS, the Act and the Code require that the governing body of a county approve in <br />principle any project to be financed under the Act after a public hearing; and <br />WHEREAS, the North Carolina Tax Reform Allocation Committee has been requested to <br />reallocate $100,000,000 of recovery zone facility bond allocation to the Project; and <br />WHEREAS, this Board of Commissioners today has held a public hearing with respect to <br />the Project and the issuance of recovery zone facility bonds therefor, as evidenced by the <br />Certificate and Summary of Public Hearing attached hereto as Exhibit A; and <br />WHEREAS, the Authority intends to issue its Recovery Zone Facility Bond (Carolina <br />USA Project), Series 2010 (the "Bond ") in the principal amount of up to $100,000,000 which is <br />expected to be issued as a variable rate bond that is privately placed with Branch Banking and <br />Trust Company; and <br />Attachment number 1 <br />Page 107 <br />G -2 <br />