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126 <br /> Joseph Heldreth, Treasurer of the Mebane Packaging Corporation, <br /> indicated that the Industrial Revenue Bond Project is an additional <br /> 60, 000 sq. ft. of manufacturing space and also the purchase of a <br /> printing press which costs approximately 3 and 1/2 million dollars. The <br /> benefits to Orange County are that this project will result in an <br /> additional 46 jobs in the county and will generate approximately $20, 000 <br /> in property taxes for the county. Mebane Packaging currently pays <br /> $50, 000 in property taxes to Orange County. This is a clean, <br /> sophisticated industry which pays above average wages. <br /> A motion was made by Commissioner Marshall, seconded by <br /> Commissioner Hartwell, to close the Public Hearing. <br /> VOTE: UNANIMOUS <br /> Chairman Carey read the Resolution as follows: <br /> RESOLUTION APPROVING THE ISSUANCE BY THE ORANGE COUNTY <br /> INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING <br /> AUTHORITY OF ITS $5,500, 000 INDUSTRIAL REVENUE BONDS <br /> (MEBANE PACKAGING CORPORATION PROJECT) TO FINANCE AN <br /> INDUSTRIAL AND MANUFACTURING PROJECT IN ORANGE COUNTY, <br /> NORTH CAROLINA FOR MEBANE PACKAGING CORPORATION AND <br /> APPROVING SUCH PROJECT IN PRINCIPLE. <br /> _! WHEREAS, the Board of County Commissioners has created a <br /> political subdivision and body corporate and politic of the State of <br /> North Carolina known as "The Orange County Industrial Facilities and <br /> Pollution Control Financing Authority" (the Authority") ; and <br /> WHEREAS, The Authority is authorized under the Industrial and <br /> Pollution Control Facilities Financing Act, Chapter 159C of the General <br /> Statutes of North Carolina (the "ACT") , to issue revenue bonds for the <br /> purpose, among others, of paying all or any part of the cost of any <br /> industrial or pollution control project for industry; to acquire, <br /> construct, improve and equip any such project; and to make and execute <br /> financing agreements security documents and other contracts and <br /> instruments necessary or convenient in the exercise of such powers; and <br /> WHEREAS, the Authority has determined to issue its revenue bonds <br /> to pay all or a portion of the costs of the construction and <br /> installation of an addition to an industrial facility located on Oakwood <br /> Street Extension, Mebane Industrial Park, in Mebane, in Orange County <br /> for the manufacture of packaging for products for retail sale (the <br /> "Project") , to be operated by Mebane Packaging Corporation, a North <br /> Carolina corporation (the "Company") , the interest on said bonds to be <br /> exempt from federal income taxation by virtue of the provisions of <br /> Section 103 of the Internal Revenue Code of 1986, as amended or any <br /> successor therefor; and <br /> WHEREAS, the Authority intends to file an application for <br />