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574 <br /> <br /> The Board of Commissioners for the County of.Cabarrus met at the <br />County Courthouse in Concord, North Carolina, on Tuesday, May 29, 1984, <br />at 7:00 P.M.' to discuss the economic development project application for <br />Orchard Electronics, Inc., and to continue review of the proposed 1984-85 <br />County budget. <br /> Present - Chairman: James W. Lentz <br /> Commissioners: Archie Y. Barnhardt <br /> Marcelle Milloway <br /> J. Harold Nash <br /> Kenneth F. Payne <br /> Chairman Lentz stated that this was the date and time scheduled for <br />the final public hearing to receive comments on a proposed Community <br />Development Block Grant - Economic Development Application to be submitted <br />to the North Carolina Department of Natural Resources and Community Development <br />and asked if anyone were present who wished to speak regarding the proposed <br />application. <br /> Mr. Thomas B. Robinson, Planning Director, explained that the purpose <br />of the economic development grant is to provide a $750,000.00 loan to <br />Orchard Electronics, Inc., a division of SFE Technologies, to purchase <br />electronic assembly line equipment used for the production of microelectronic <br />components. He presented the following summary of the Orchard Electronics, <br />Inc., expansion project. <br /> <br />Source of Funds <br /> IRB (Industrial Revenue Bonds) <br /> SFE Technologies <br /> CDBG (Community Develoment Block Grant) <br /> <br />$4,000,000 <br /> 1,331,000 <br /> 750,000 <br /> <br />$6,081,000 <br /> <br />Use of Funds <br /> Already committed for land <br /> purchase and building renovation <br /> Acquisition - 14 acres <br /> Construction <br /> Working Capital <br /> Machinery/Equipment <br /> <br />Employment (within five years) <br /> 18 Existing Jobs <br /> 147 New Jobs (77 within two years) <br /> 165 Total <br /> <br />$ 900,000 <br /> <br /> 107,000 <br />1,100,000 <br />1,331,000 <br />2,643,000 <br /> <br />Type of Business <br /> Research and production of surface mounted components for <br /> microelectronics industry. <br /> <br /> Mr. John R. Boger, Jr., County Attorney, reported that he had met with <br />the attorney representing SFE Technologies and Orchard Electronics, Inc., and <br />the company had agreed to pay an interest rate of forty percent (40%) of <br />of prime for the $750,000.00 loan. He stated that in the process of <br />negotiating the terms of the loan agreement he had found SFE Technologies <br />to be financially sound. <br /> Mr. Aaron Bost presented information relating to stocks for SFE <br />Technologies. He objected to the $750,000.00 loan and stated in his opinion <br />the County should not get in the business of setting people up in business <br />to see if they can make it or not. <br /> There being no one else present to speak regarding the economic <br />development project, Chairman Lentz closed the public hearing. <br /> UPON MOTION of Commissioner Nash, seconded by Chairman Lentz with <br />Commissioners Payne and Nash and Chairman Lentz voting for and Commissioners <br />Milloway and Barnhardt voting against, the Board adopted the Cabarrus County <br />Community Development Block Grant Authorizing Resolution and approved the <br />pay-back provisions for the $750,000.00 loan as stated in the Promissory <br />Note. The Resolution and Promissory Note are as follows. <br /> <br />CABARRUS COUNTY COMMUNITY DEVELOPMENT BLOCK GRANT <br /> AUTHORIZING RESOLUTION <br /> <br />WHEREAS, various State and Federal agencies provide grants to local governments <br /> to finance the cost of revitalizing communities; and <br /> <br /> <br />