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� 1 <br />O R A N G E C 0 U N T Y <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): <br />1) Minutes - 7/22/90 <br />2) Extract of Minutes - 7/10/90 <br />3) Memorandum of Agreement <br />4) Tentative Timetable <br />5) Notice of Public Hearing <br />6) James Broyhill letter <br />7) Extract from Minutes of <br />Board of Commissioners <br />INFORMATION CONTACT: <br />Ted Abernathy ext. 2327 <br />Geoff Gledhill :.732 -2196 <br />TELEPHONE NUMBERS: <br />Hillsborough - 732 -8181 <br />Durham - 688 -7331 <br />Mebane - 227 -2031 <br />Chapel Hill - 967- 9251/968 -4501 <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 />