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525
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<br /> Mr. T. L. Patterson, District Engineer with the North Carolina
<br />Department of Transportation, reviewed the proposal to grade, drain, base,
<br />pave, and seed SR 1499 Extension, Cumberland Court, under the Property
<br />Owners Participation Program. He explained the cost of completing the
<br />road project would exceed the amount authorized by the Board for this type
<br />of paving project during this year and requested authorization for the
<br />State to spend an additional $16,07'0.95 as State Participation to complete
<br />the work. This additional money will come from the balance of other road
<br />funds for the year and will not affect the County's appropriation of funds
<br />for owner participation paving for the upcoming year.
<br /> UPON MOTION of Commissioner Lentz, seconded by Commissioner Cook and
<br />unanimously carried, the Board by resolution authorized the North Carolina
<br />Department of Transportation to spend additional funds in the amount of
<br />$16,070.95 as State participation to grade, drain, base, pave and seed
<br />SR 1499 Extension, Cumberland Court, under the Property Owners Participation
<br />Program for road improvements.
<br /> Chairman Bonds announced, pursuant to Chapter 159C of the General
<br />Statutes of North Carolina and the regulations thereunder, that he had been
<br />advised that The Cabarrus County Industrial Facilities and Pollution Control
<br />Financing Authority intended to file an application with the Secretary of
<br />the Department of Commerce for approval of an indust=ial and manufacturing
<br />project in Cabarrus County, consisting of the construction of a 62,000-
<br />square-foot industrial building and the acquisition and installation of
<br />equipment therein for the production of plastic products oh property to
<br />be purchased by Piedmont Plastics, Inc., at the intersection of N.C. Highway 49
<br />and Caldwell Road near Harrisburg in Cabarrus County, to be financed for
<br />Piedmont Plastics, Inc. by industrial revenue bonds of the Authority not in
<br />excess of $2,000,000 in aggregate principal amount. Since such application
<br />for approval cannot, under regulations of the Department of Commerce, be
<br />officially received until, among other things, the Board approves the project
<br />in principle, the Authority has recommended and requested that the Board pass
<br />a resolution approving the project in principle without in any way prejudicing
<br />the right and responsibility of the Board under G.S. 159C-4(d) to approve or
<br />not to approve the issuance of the bonds after the Department of Commerce has
<br />approved the project and the Local Government Commission has approved the
<br />bond issue, by which time additional information relative to the project, the
<br />Company and the proposed financing will have been developed.
<br /> Thereupon, Commissioner Cook introduced the following resolution the
<br /> title of which was read:
<br />
<br />RESOLUTION OF APPROVAL IN PRINCIPLE FOR THE
<br />CONSTRUCTION OF AN INDUSTRIAL AND MANUFACTUR-
<br />ING PROJECT IN CABARRUS COUNTY, NORTH CAROLINA,
<br />TO BE FINANCED FOR PIEDMONT PLASTICS, INC. BY
<br />INDUSTRIAL REVENUE BONDS OF THE CABARRUS
<br />COUNTY INDUSTIRAL FACILITIES AND POLLUTTON
<br />CONTROL FINANCING AUTHORITY NOT IN EXCESS OF
<br />$2,000,000 IN' AGGREGATE PRINCIPAL AMOUNT.
<br />
<br />BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus:
<br />Section 1. The proposed industrial and manufacturing project consist-
<br />ing of the acquisition of real property at the intersection of N.C. Highway 49
<br />and Caldwell Road near Harrisburg in Cabarrus County, the construction thereon
<br />of a 62,000-square-foot industrial building and the acquisition and
<br />installation of equipment therein for the production of plastic products, to
<br />be financed for Piedmont Plastics, Inc., by industrial revenue bonds of The
<br />Cabarrus County Industrial Facilities and Pollution Control Financing Authority
<br />not in excess of $2,000,000 in aggregate principal amount is hereby approved
<br />in principle.
<br /> Section 2. The Clerk to the Board of Commissioners for the County of
<br />Cabarrus, North Carolina, is directed to file a certified copy of this
<br />resolution with the North Carolina Department of Commerce.
<br /> Section 3. This resolution shall take effect immediately upon its
<br />passage.
<br /> Commissioner Cook moved passage of the foregoing resolution entitled:
<br />"APPROVAL IN PRINCIPLE FOR THE CONSTRUCTION OF AN INDUSTRIAL AND MANUFACTURING
<br />PROJECT IN CABARRUS COUNTY, NORTH CAROLINA, TO BE FINANCED FOR PIEDMONT
<br />PLASTICS, INC. BY INDUSTRIAL REVENUE BONDS OF THE CABARRUS COUNTY INDUSTRIAL
<br />FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY NOT IN EXCESS OF
<br />$2,000,000 IN AGGREGATE PRINCIPAL.AMOUNT." Commissioner Payne seconded the
<br />
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