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• <br /> 125 <br /> VIII. PUBLIC HEARINGS <br /> A. INDUSTRIAL REVENUE BOND APPROVAL FOR MEBANE PACKAGING <br /> This item was presented by Chairman Carey. The purpose of <br /> this item was to review information and bring to public hearing the <br /> proposed issuance by the Orange County Industrial Facilities and <br /> Pollution Control Financing Authority of $5.5 million in industrial <br /> revenue bonds to pay for all or a portion of a facilities and equipment <br /> expansion of Mebane Packaging Corporation located on Oakwood Street <br /> Extension in Orange County within the extraterritorial jurisdiction of <br /> the Town of Mebane. Approximately 60, 000 square feet will be added to <br /> the existing building as well as a new $3 . 6 million printing press. The <br /> expansion will employ 46 new employees and will be owned and operated <br /> by Mebane Packaging Corporation. The Orange County Industrial <br /> Facilities and Pollution Control Financing Authority entered into a <br /> Memorandum of Agreement with Mebane Packaging Corporation on July 10, <br /> 1990. <br /> Chairman Carey stated that pursuant to Chapter 159C of the <br /> General Statutes of North Carolina and the regulations thereunder he had <br /> been advised that The Orange County Industrial Facilities and Pollution <br /> Control Financing Authority (the "Authority") intended to file an <br /> application with the Secretary of the Department of the Economic and <br /> Community Development for approval of an industrial and manufacturing <br /> project in Orange County, North Carolina, consisting of the construction <br /> of an approximately 60, 000 square foot manufacturing building addition <br /> to be located on property owned by Mebane Packaging Corporation, a North <br /> Carolina corporation (the "Company) , on Oakwood Street Extension, Mebane <br /> Industrial Park, Mebane, Orange County, North Carolina and the <br /> installation of a printing press and other equipment in addition to be <br /> used to manufacture packaging for products for retail sale (the <br /> "Project") by the Company and to be financed for the Company by the <br /> issuance of approximately $5, 500, 000 aggregate principal amount of bonds <br /> of the Authority. Such application for approval cannot, under <br /> regulations of the Department of Economic and Community Development, <br /> be officially received until, among other things, the Board has, by <br /> resolution after having held a public hearing, approved the issue of <br /> bonds for the proposed Project and approved the Project in principle. <br /> Chairman Carey presented to the Board copies of the Authority's <br /> resolution approving the Project and the inducement agreement between <br /> the Authority and the Company. The Chairman then stated that a notice <br /> had been published by the Clerk to the Board on July 20, 1990 stating <br /> that the Board would hold a public hearing on August 6, 1990 on the <br /> proposed revenue bond issue and the Project (the "Notice") . <br /> A motion was made by Commissioner Hartwell, seconded by <br /> Commissioner Marshall, to ratify the publication of the notice and <br /> designate this meeting as a public hearing on the Revenue Bond issue and <br /> the Project. <br /> VOTE: UNANIMOUS <br />