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126 <br />`7 <br />Joseph Heldreth, Treasurer of the Mebane Packaging Corporation, <br />indicated that the Industrial Revenue Bond Project is an additional <br />60,000 sq. ft. of manufacturing space and also the purchase of a <br />printing press which costs approximately 3 and 1/2 million dollars. The <br />benefits to Orange County are that this project will result in an <br />additional 46 jobs in the county and will generate approximately $20,000 <br />in property taxes for the county. Mebane Packaging currently pays <br />$50,000 in property taxes to Orange County. This is a clean, <br />sophisticated industry which pays above average wages. <br />A motion was made by Commissioner Marshall, seconded by <br />Commissioner Hartwell, to close the Public Hearing. <br />VOTE: UNANIMOUS <br />Chairman Carey read the Resolution as follows: <br />RESOLUTION APPROVING THE ISSUANCE BY THE ORANGE COUNTY <br />INDUSTRIAL FACILITIES AND POLLUTION CONTROL FINANCING <br />AUTHORITY OF ITS $5,500,000 INDUSTRIAL REVENUE BONDS <br />( MEBANE PACKAGING CORPORATION PROJECT) TO FINANCE AN <br />INDUSTRIAL AND MANUFACTURING PROJECT IN ORANGE COUNTY, <br />NORTH CAROLINA FOR MEBANE PACKAGING CORPORATION AND <br />APPROVING SUCH PROJECT IN PRINCIPLE. <br />_ WHEREAS, the Board of County Commissioners has created a <br />political subdivision and body corporate and politic of the State of <br />North Carolina known as "The Orange County Industrial Facilities and <br />Pollution Control Financing Authority" (the Authority "); and <br />WHEREAS, The Authority is authorized under the Industrial and <br />Pollution Control Facilities Financing Act, Chapter 159C of the General <br />Statutes of North Carolina (the "ACT "), to issue revenue bonds for the <br />purpose, among others, of paying all or any part of the cost of any <br />industrial or pollution control project for industry; to acquire, <br />construct, improve and equip any such project; and to make and execute <br />financing agreements security documents and other contracts and <br />instruments necessary or convenient in the exercise of such powers; and <br />WHEREAS, the Authority has determined to issue its revenue bonds <br />to pay all or a portion of the costs of the construction and <br />installation of an addition to an industrial facility located on Oakwood <br />Street Extension, Mebane Industrial Park, in Mebane, in Orange County <br />for the manufacture of packaging for products for retail sale (the <br />"Project "), to be operated by Mebane Packaging Corporation, a North <br />Carolina corporation (the "Company "), the interest on said bonds to be <br />exempt from federal income taxation by virtue of the provisions of <br />Section 103 of the Internal Revenue Code of 1986, as amended or any <br />successor therefor; and <br />WHEREAS, the Authority intends to file an application for <br />