2005 S Purchasing - Orange Enterprises

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WHEREAS, Orange Enterprises has been offered the opportunity to purchase improved property with a building and parking and other amenities located on Elizabeth Brady Road, Hillsborough, Orange County, North Carolina which building is 25,400 square feet in size and can be modified to provide 20,400 square feet of production/warehouse space and 5,000 square feet of administrative space thus more than tripling the production capacity and increasing significantly available parking spaces which would become necessary to accommodate increases in staff and persons with disabilities working in the facility; and WHEREAS, Orange Enterprises has the opportunity to purchase the new facilities, including approximately 10 acres of land, for the sum of $950,000; and WHEREAS, Orange Enterprises has been able to obtain a loan for the purchase of the property in an amount sufficient to do so conditioned upon the County's contribution of $825,000 toward the purchase price; and WHEREAS, financial projections prepared by Orange Enterprises indicate that Orange Enterprises will be able to maintain support and revenue in excess of expenses including the payment of the principal component of debt service provided the County contributes $825,000 towards the purchase of the building and provides the other financial support as outlined in this agreement; and WHEREAS, the additional production/warehouse space and administrative space will enable Orange Enterprises to increase materially the number of persons it can employ and the number of disabled persons that it can employ as well as enable Orange Enterprises to operate as an "affirmative enterprise," such that persons with disabilities can be employed at the same wages and have a benefit package that is the same as those who don't have disabilities; and 3