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2006 NS EDC - Consent for New Indebtedness for OE Enterprises, Inc.
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2006 NS EDC - Consent for New Indebtedness for OE Enterprises, Inc.
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Last modified
8/28/2012 3:48:34 PM
Creation date
8/26/2010 3:08:39 PM
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BOCC
Date
5/16/2006
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
9a
Document Relationships
Agenda - 05-16-2006-9a
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\Board of County Commissioners\BOCC Agendas\2000's\2006\Agenda - 05-16-2006
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OE Enterprises closed on the property on April 13, 2005. However, because of extensive <br />renovations, OE did not move into the property until January 30, 2006, and was therefore <br />unable to implement its expansion plans in the timetable envisioned in its original business plan. <br />As a result, OE Enterprises has fallen short of its employment goals as follows: <br /> 2005-2006 Actually Achieved <br /> Projection as of 3/31106 <br />Employees 225 192 <br />Orange County 166 175 <br />Residents <br />Employees with 164 127 <br />Disabilities <br />New jobs for employees 11 8 <br />With disabilities <br />New jobs for non- 9 5 <br />Disabled em to ees <br />It should be noted that the. projection numbers are for the end of the fiscal year, which occurs <br />June 30. As of the end of March, OE Enterprises has exceeded its projection for the number of <br />Orange County residents employed but has not reached the projected numbers in the other four <br />categories. While additional job creation is projected for the second quarter, these employment <br />goals may not be achieved. <br />OE Enterprises, Inc. has not yet conveyed to Orange County a Conservation Easement <br />extinguishing alt development rights on the property in the flood hazard area of the Eno River. <br />County staff has now received a survey of the premises which will be utilized to identify the <br />conservation easement area; staff and the County Attorney will proceed with developing the <br />easement agreement. <br />Attachment A summarizes all other performance obligations. The Economic Development <br />Commission will monitor the conditions of the Agreement as described in the summary. <br />FINANCIAL IMPACT: None <br />RECOMMENDATION(S): The Manager recommends that the Board consider the request by <br />OE Enterprises for new indebtedness and communicate same to First National Bank. <br />
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