Agenda - 04-07-1986 - Laserfiche WebLink

Browse Search

ORANGE COUNTY , BOARD OF COMMISSIONERS . ACTION AGENDA ACTION AGENDA ITEII ABSTRACT ITEM NO.EQ MEETING DATE April 7, 1986 006 SUBJECT: public Hearing: Isotechnologies, Industrial Revenue Bond Application • DEPARTMENT: Economic Development ' p I PUBLIC HEARING: xYES ND ATTACHMENT(S) : INFOR'1ATION CONTACT: G. Gledhill. (legal) Sylvia Price (Isotechnologies, :nc.) Document #1 (Minutes, Resolution) Document #2 (Dept. of Commerce regulation ) PHONE NUMBERS: HILLSBOROUGH - 732-8181 Document #3 ( Notice of public hearing) HILLSBOROUGH - 732-9361 CHAPEL HILL - 967-9251 MEBANE - 227-2031 . DURHAM - 688-7331. PURPOSE: To hear a presentation by the applicant and public comment on the proposed issuance by the Orange County Industrial Facilities and Pollution Control Financing Authority of $1.5 million in industrial development revenue bonds to pay all or a portion of the coist of the acquisition of a tract of land of approx. 20 acres located east of Hillsborough one S. R. 1879 (or Elizabeth Brady Road) near the intersection of S. R. 1879 and U. S. 70, the construction thereon, of approx. 30,000 square foot building and the acquisition and installatio therein of machinery and equipment. The industrial project is to be owned and operated by Isotechnologies, !Inc., a North Carolina corporation. The Orange County Industrial _ Facilities and Pollution Control Financing Authority entered into a Memorandum of Agreement - with Isotechnologies, Inc. on December 6, 1985, and a Supplemental Memorandum of Agreement on February 25, 1986. NEED: Regulations promulgated by the North Carolina Department of Commerce and contained in the North Carolina Administrative Code (see Document #2). stipulate that no application will be considered for approval by the Secretary of Commerce until after it has been duly advertised, introduced at public hearing and approved in principle by the Board of County Commissionersl- The applicant will be expected to present at the hearing details of the proposed project, including: 1. the site location; 2. the building specifications; 3. the type of operations to be conducted; 4. pertinent environmental questions; 5. employment and wage projections, including whether the operator will meet or seek waiver -- of the wage test in Rule .0303 of the Administrative Code; 6. the size of•the proposed bond issue; and 7. a description of the plans for sale of the bonds. • IMPACT: The industrial project will create employment for approximately 16 persons and preserve employment for approximately 20 persons in Orange County and the surroun ding area, and will cost approximately $1.5 million. RECOMMENDATION(S): •