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Agenda - 02-04-2014 - 6k
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1/31/2014 1:03:41 PM
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BOCC
Date
2/4/2014
Meeting Type
Regular Meeting
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Agenda
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6k
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2014-636 Attorney - Authorization of a Deed of Trust by Orange Enterprises, Inc
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Path:
\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2014
Minutes 02-04-2014
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2014
RES-2014-008 Resolution Authorizing Orange Enterprises to Subject the Property on Elizabeth Brady Road to a $250,000 Deed of Trust in Excess of the Current $715,000 Limit
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\Board of County Commissioners\Resolutions\2010-2019\2014
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3 <br /> OE Enterprises, Inc. <br /> Corporate Office <br /> 348 Efizabetk Brady Rpad <br /> 7fiCfs6oroug6,NC27278 January 24, 2014 <br /> Phone:(919)732-8124 <br /> 'Fax-(919)732-4027 <br /> Alamance Office Orange County Board of Commissioners <br /> 717 worth ParkAve. 200 S. Cameron Street <br /> Burfington,XC27217 Hillsborough,NC 27278 <br /> Phone:(336)506-2515 <br /> Tax:(336)513-4410 <br /> RE: OE Enterprises, Inc.'s request for approval of$250,000.00 <br /> Line of Credit Facility from BB&T <br /> Dear Commissioners: <br /> OE Enterprises, Inc. ("OE") is a community rehabilitation <br /> program operating in Orange, Durham, and Alamance Counties <br /> whose mission is to assist people who face employment barriers. <br /> For thirty years, OE has offered vocational training and support to <br /> individuals with developmental disabilities, mental illnesses, <br /> substance abuse problems, and physical disabilities. <br /> OE has a long-standing relationship with Orange County as <br /> evidenced by an agreement between OE and Orange County dated <br /> April 26, 2005 and recorded on May 4, 2005 in Book 3737, Page <br /> 159, of the Orange County Registry (the "Agreement"). The <br /> Agreement demonstrates the County's appreciation for the services <br /> OE provides by granting certain financial accommodations to OE <br /> for performing these services. In return, the Agreement restricts <br /> certain activities of OE to ensure it is a good steward of the <br /> County's resources. One such restriction is a limit on the amount <br /> of debt financing OE may place on its facility at 348 Elizabeth <br /> Brady Road, Hillsboro, North Carolina (the "Property"). The <br /> Agreement restricts OE from encumbering the Property with a <br /> deed of trust greater than $715,000.00, without the written consent <br /> of the County. <br /> On December 19, 2011, OE placed a first mortgage on the <br /> Property in favor of BB&T in the amount of $680,362.00. OE <br /> now plans to obtain a line of credit from BB&T in the amount of <br /> $250,000.00 by using the Property as collateral. The debt <br /> limitation, however, restricts OE from doing so without the <br /> County's written consent. Accordingly, we are writing to request <br /> that such consent be given. <br />
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