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construction on the Land of a building addition to the Existing <br />Building containing approximately 60,000 square feet of space <br />(the "Addition"), and the acquisition and installation in the <br />Existing Building and the Addition of certain new machinery and <br />equipment (the -Equipment"; the Existing Building, the Land, the <br />Addition and the Equipment hereinafter collectively called the <br />"Project"), all to be used by the Company in the dyeing and fin- <br />ishing of circular knit fabric and related products. Pursuant to <br />the Memorandum of Inducement and Intent, the Authority has <br />requested that all or a portion of the cos~ of the Project be <br />financed by issuance of industrial revenue bonds of the Authority <br />in an aggregate principal amount not tO exceed $4,000,000. <br />Copies of the resolution o~ the Authority and the Memorandum of <br />Inducement and Intent were submitted to the Board. <br /> The Chairman stated that since the application of the <br />Authority for approval of the Project cannot, under regulations <br />of the North Carolina Department of Commerce, be officially <br />received until, among other things, a public hearing is held on <br />the Project and until the Board approves the Project in princi- <br />ple, the Authority has recommended and requested that the Board <br />hold a public hearing on the Project. The Chairman then stated <br />that notice of such public hearing had been published at lsast <br />fourteen (14) days prior to the date of this meeting in a newspa- <br />per of general circulation in Cabarrus County. <br /> <br /> -2- <br /> <br /> <br />