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AG 1997 04 21
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AG 1997 04 21
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Last modified
3/25/2002 6:28:04 PM
Creation date
11/27/2017 11:53:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/21/1997
Board
Board of Commissioners
Meeting Type
Regular
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HANDOUT FOR CABARRUS COUNTY COMMISSIONERS <br /> <br />INDUSTRIAL REVENUE BOND <br /> <br />INDUCEMENT AGREEMENT DATED MARCH 10, 1997 <br /> <br />FUN-TEES, INC. PROJECT <br /> <br />Fun-Tees, Inc. is a private label manufacturer of t-shirts and related sportswear apparel products, <br />which it sells to national retailers and other closing concerns. The Company currently produces <br />and sells over 20,000,000 units per year. The Company was founded in 1974 and has been an <br />employer in Cabarrus County since the early 1980's. The Company currently employs 275-300 <br />people in the County at its two sites -- 245 Manor Avenue and 550 Cabarrus Avenue. <br /> <br />The Company maintains its home office in Cabarms County, as well as a portion of its <br />manufacturing and distribution operations. Total employment in North Carolina is 375-400 <br />people. There are an additional 300 employees in South Carolina. <br /> <br />The Industrial Revenue Bond Project (the "Project") involves the purchase of new tubular <br />knitting machines and the installation of a commercial fabric knitting operation in the <br />Company's existing site at 245 Manor Avenue. This operation will employ 45 persons, of which <br />37 have already been hired. The Company will be spending approximately $1.5 million in <br />capital on the Project, primarily on new tubular knitting equipment. The fabric that is knitted at <br />this site will be used as raw material for the Company. Prior to this Project, the Company <br />purchased all of its knitting from third parties, none of whom were in Cabarrus County. <br /> <br />The Company had a 100-employee sewing operation at the Manor Avenue site which was <br />recently closed due to the Company's inability to compete effectively with other suppliers of <br />knitted apparel products. The Company has been able to re-employ approximately one-third of <br />the sewing division employees in other divisions. <br /> <br />The average wage paid in the knitting division is 25% higher than the former sewing division <br />and the average weekly wage paid at the Company's 245 Manor Avenue site exceeds the average <br />weekly manufacturing wage in Cabarrus County (exclusive of the wages paid at Phillip Morris' <br />plant). <br /> <br />The jobs saved by the Company's new knitting operation, estimated at approximately 45 people, <br />will generate revenue for the County as will the purchase of new capital equipment. The capital <br />investment for this Project also enhances the Company's commitment to Cabarms County as a <br />long-term employer in the County. The issuance of the Industrial Revenue Bonds for the Project <br />will help the Company lower its costs, thereby improving its ability to compete in the knitted <br />apparel market from its base of operations in Concord, North Carolina. <br /> <br />F:~,OCS~BSI~SECURITB 250672_ I .DOC <br /> <br /> <br />
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