Orange County NC Website
Browse       Search
5 <br /> RES-2014-008 <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> RESOLUTION AUTHORIZING ORANGE ENTERPRISES TO SUBJECT THE PROPERTY ON <br /> ELIZABETH BRADY ROAD TO A$250,000 DEED OF TRUST IN EXCESS OF THE CURRENT <br /> $715,000 LIMIT <br /> WHEREAS, Orange Enterprises, Inc. ("OE") is an Orange County Nonprofit Corporation organized for the <br /> purposes of providing "creative opportunities for handicapped persons and/or persons with other employment <br /> barriers;" and <br /> WHEREAS, Orange County and OE entered into an Agreement dated April 26, 2005 (the "Agreement") <br /> whereby Orange County would contribute funding towards OE's purchase and upfit of a property and building <br /> (PIN 9874-550-774) for the purposes of OE's expansion of operations; and <br /> WHEREAS, among the terms of the Agreement was a limitation by which OE was prohibited from encumbering <br /> the property by any deed of trust in excess of Seven Hundred Fifteen Thousand Dollars ($715,000) without the <br /> express written authorization of the County; and <br /> WHEREAS, OE currently has a deed of trust encumbering the property in an amount of Six Hundred Eighty <br /> Thousand Three Hundred Sixty-Two Dollars ($680,362); and <br /> WHEREAS, OE has requested Orange County authorize OE to secure an additional deed of trust on the property <br /> in an amount of Two Hundred Fifty Thousand Dollars($250,000); and <br /> WHEREAS, it is in the interest of the citizens and residents of Orange County and particularly disadvantaged <br /> citizens and residents of Orange County that OE be authorized to secure additional funding through an additional <br /> deed of trust on the property; <br /> NOW, THEREFORE, BE IT RESOLVED that the Orange County Board of County Commissioners, pursuant <br /> to the terms of the Agreement, authorizes OE to exceed the limitation of the Agreement by securing a deed of <br /> trust against the Elizabeth Brady Road Property (PIN 9874-550-774) in an amount of Two Hundred Fifty <br /> Thousand Dollars ($250,000). This authorization is limited and any additional deed of trust shall be subject to the <br /> requirements and terms of the Agreement. In no event shall OE be authorized to encumber the property beyond <br /> the Nine Hundred Thirty Thousand Three Hundred Sixty-Two Dollars ($930,362) sum of the now existing deed <br /> of trust and the deed of trust authorized by this Resolution. <br /> This the 4t'day of February, 2014. <br /> Barry Jacobs, Chair <br /> Orange County Board of Commissioners <br /> Attest: <br /> Clerk to the Board of Commissioners <br />