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2 <br /> O R A N G E C 0 U N T Y t <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: August 6, 1990 <br /> Action Agenda <br /> Item # V A <br /> SUBJECT: Industrial Revenue Bond Approval for Mebane Packaging <br /> DEPARTMENT: Economic Development PUBLIC HEARING: X Yes No <br /> ATTACHMENT(S) : INFORMATION CONTACT: <br /> 1) Minutes - 7/22/90 Ted Abernathy ext. 2327 <br /> 2) Extract of Minutes - 7/10/90 Geoff Gledhill 732-2196 <br /> 3) Memorandum of Agreement TELEPHONE NUMBERS: <br /> 4) Tentative Timetable Hillsborough - 732-8181 <br /> 5) Notice of Public Hearing Durham - 6,88-7331 <br /> 6) James Broyhill letter Mebane - 227-2031 <br /> 7) Extract from Minutes of Chapel Hill - 967-9251/968-4501 <br /> Board of Commissioners <br /> PURPOSE: 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 <br /> Street Extension in Orange County within the extraterritorial <br /> jurisdiction of the Town of Mebane. Approximately 60,000 square feet <br /> will be added to the existing building as well as a new $3.6 million <br /> printing press. The expansion will employ 46 new employees and will be <br /> owned and operated by Mebane Packaging Corporation. The Orange County <br /> Industrial Facilities and Pollution Control Financing Authority entered <br /> into a Memorandum of Agreement .with Mebane Packaging Corporation on <br /> July 10, 1990. <br /> BACKGROUND: The Orange County Industrial Facilities and Pollution <br /> Control Financing Authority first reviewed the proposed expansion of <br /> Mebane Packaging Corporation. on June 22, 1990. Minutes for that <br /> meeting and a synopsis of the Mebane Packaging presentation is <br /> attached. Bond Counsel was selected and the Memorandum of Agreement <br /> was approved at the Authority's July 10, 1990 meeting. <br /> RECOMMENDATION: Approve the issuance of $5 .5 million in industrial <br /> revenue bonds for Mebane Packaging Corporation; Approve the Project in <br /> principle. <br /> f <br />