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564 <br /> <br /> At 10:30 A.M., Chairman Lentz stated that this was the day and <br />hour scheduled for a public hearing to obtain citizen and business comments <br />on the development of possible economic development projects under the <br />Community Development Block Grant Program and asked if anyone were present <br />to speak regarding the matter. <br /> Mr. Thomas B. Robinson, Planning Director, reviewed the application <br /> process and stated that the Planning Department was presently in the process <br /> of developing an application in regards to Orchard Electronics, Inc. During <br /> the discussion, it was noted that any industry in the county could apply <br /> for these funds. <br /> There was no one present to speak regarding the economic development <br />projects and the public hearing was closed. The second public hearing will <br />be held at 8:00 P.M. on Monday, May 21, 1984. <br /> The Chairman stated that pursuant to Chapter 159C of the General <br /> Statutes of North Carolina and the regulations thereunder he had been <br /> advised that The Cabarrus County Industrial Facilities and Pollution <br />Control Financing Authority (the "Authority") intended to file an application <br />with the Secretary of the Department of Commerce for approval of an <br />industrial and manufacturing project in Cabarrus County, North Carolina, <br />consisting of the expansion, renovation and equipping of an existing <br />facility located at 9280 Davidson Highway, Concord in Cabarrus County, <br />North Carolina for the purposes of producing surface-mount assemblies on <br />a custom basis for all segments of the electronics industry (the "Project") <br />by SFE Technologies, a California corporation, and Orchard Electronics, <br />Inc., a North Carolina corporation and a wholly-owned subsidiary of SFE <br />Technologies (collectively the "Companies") and to be financed for the <br />Company by the issuance of approximately $4,000,000 aggregate principal <br />amount of bonds of the Authority. Since such application for approval <br />cannot, under regulations of the Department of Commerce, be officially <br />received until, among other things, the Board has, by resolution after <br />having held a public hearing, approved the issue of bonds for the proposed <br />P. roject and approves the Project in principle, the Authority has recommended <br />and requested that the Board pass such resolution. <br /> The Chairman presented copies of the Authority's resolution approving <br />the Project and the inducement agreement between the Authority and the <br />Companies to the Board. The Chairman then stated that a notice had been <br />published by the Clerk to the Board on April 20, 1984 stating that the <br />Board would hold a public hearing on May 7, 1984 on the proposed revenue <br />bond issue and the Project (the "Notice"). <br /> Commissioner Nash moved that the Board ratify the publication of <br />the Notice and designate this meeting as a public hearing on the revenue <br />bond issue and the Project. The motion was seconded by Commissioner <br />Barnhardt and was unanimously adopted. <br /> At 11 o'clock, A.M., the Chairman announced that the Board would <br />hear anyone who wished to be heard on the advisability of issuing the <br />revenue bonds and the Project. <br /> The names and addresses of the persons who were present and <br />summaries of their comments are as follows: <br /> <br /> No one addressed the Board during the public hearing. <br /> <br /> After the Board had heard all persons who requested to be heard, <br />Commissioner Milloway moved that the public hearing be closed. The <br />motion was seconded by Commissioner Nash and was unanimously adopted. <br /> Commissioner Nash introduced the following resolution which was <br />read at length: <br /> <br /> Resolution No. <br /> <br /> RESOLUTION APPROVING THE ISSUANCE BY THE CABARRUS COUNTY <br /> INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING <br /> AUTHORITY OF ITS $4,000,000 INDUSTRIAL REVENUE BOND (SFE <br /> TECHNOLOGIES AND ORCHARD ELECTRONICS, INC. PROJECT) TO <br /> FINANCE AN INDUSTRIAL AND MANUFACTURING PROJECT IN CABARRUS <br /> COUNTY, NORTH CAROLINA FOR SFE TECHNOLOGIES AND ORCHARD <br /> ELECTRONICS, INC. AND APPROVING SUCH PROJECT IN PRINCIPLE. <br /> <br /> WHEREAS, the Board of County Commissioners has created a political <br />subdivision and body corporate and politic of the State of North Carolina <br />known as "The Cabarrus County Industrial Facilities and Pollution Control <br />Financing Authority" (the "Authority"); and <br /> <br /> <br />