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ERNEST H. RUNGE PROPERTY, REZONING CASE 19106-6: Mr. Lundy identified this property on the
zoning map. The request is for rezoning from RA to HB. The property is located on Old Mountain
Road near Mt. Herman Road. The Planning Board voted unanimously to rezone the property.
No one present spoke for or against the rezoning request.
RUBY CLENDENIN PROPERTY, REZONING CASE #9106-7: Mr. Lundy identified this property on the
zoning map. The property is located on US Highway 70 and Triplett Road. The request is from RA to
NB and was passed on a majority vote of the Planning Board.
PROPOSED AMENDMENT TO THE IREDELL COUNTY LAND DEVELOPMENT PLAN: This recommended land plan
amendment is located at the interchange of I-40 and US Highway 64 East. This request is in
conjunction with the Reda W. Jurney Properties request.
No one present spoke for or against the amendment request.
PROPOSED AMENDMENT TO THE IREDELL COUNTY LAND DEVELOPMENT PLAN: The recommended land plan
amendment is located at the corner of Highway 70 East and SR 2361. This request is in conjunction
with the Ruby P. Clendenin Property request.
No one present spoke for or against the amendment.
Chairman Sloan closed the public hearing.
ATLAS CORPORATION, A WHOLLY-OWNED SUBSIDIARY OF PETROPAR, INC., INDUSTRIAL REVENUE BOND: Wil-
liam P. Pope announced that he had been advised that the Authority intends to file an application
with the Secretary of the North Carolina Department of Economic and Community Development for
approval of the Project. Because such application for approval cannot, under regulations of the
Department of Economic and Community Development, be officially received until, among other things,
h.. the Board approves the Project in p-inciple, the Authority has recommended and requested that the
Board pass a resolution approving the Project in principle. Under procedures adopted by the
Department of Economic and Community Development, the Board must also authorize the Authority to
apply to the North Carolina Federal Tax Reform allocation Committee for an allocation of Unified
Volume Limitation for tax exempt private activity bonds with respect to the bonds to be issued to
finance the Project. Finally, Section 159C-4(3) of the North Carolina General Statutes requires the
Board to approve the issuance by the Authority of the Bonds.
Thereupon, Commissioner Sloan introduced the following resolution, a copy of which has been
distributed to each Commissioner and the title of which appeared on the agenda:
RESOLUTION APPROVING IN PRINCIPLE A MANUFACTURING PROJECT IN
IREDELL COUNTY, NORTH CAROLINA, TO BE FINANCED FOR ATLAS CORP.
BY NOT EXCEEDING $10,000,000 AGGREGATE PRINCIPLE AMOUNT OF BONDS
OF THE IREDELL COUNTY INDUSTRIAL FACILITIES AND POLLUTION
CONTROL FINANCING AUTHORITY, AUTHORIZING THE AUTHORITY TO APPLY
TO THE NORTH CAROLINA FEDERAL TAX REFORM ALLOCATION COMMITTEE
FOR AN ALLOCATION OF UNIFIED VOLUME LIMITATION, AND APPROVING
THE ISSUANCE OF THE BONDS.
BE IT RESOLVED by the Board as follows:
Section 1. The proposed manufacturing project in Iredell County, North Carolina, for Atlas
Corp. (the "Borrower") to be financed for the Borrower by not exceeding $10,000,000 aggregate
principal amount of bonds of the Authority is hereby approved in principle.
r (k: Section 2. The Board hereby requests that the North Carolina Federal Tax Reform Allocation
Committee allocate $10,000,000 of the State of North Carolina Unified Volume Limitation of tax
exempt private activity bonds imposed by the Tax Reform Act 1986, as amended, for the industrial
revenue bonds and Project described above, which allocation it is acknowledged will revert in whole
or in part to the statewide allocation if bonds for this Project are not issued prior to the
termination date of the allocation, and the Chairman or the Vice Chairman of the Authority is hereby
authorized and directed to make application to the Secretary of the North Carolina Department of
Economic and Community Development for said allocation.
Section 3. Pursuant to and in satisfaction of the requirements of Section 159C -4(d) of the
General Statutes of North Carolina, the Board hereby approves the issuance by the Authority of the
bonds described herein.
Section 4. The Clerk to the Board is directed to file a certified copy of this resolution with
the Department of Economic and Community Development.
Section 5. This resolution shall take effect immediately upon its passage.
VOTING: Ayes - 5; Nays - 0.
PROPOSED AMENDMENT - B. K. BARRINGER, SECTIONS 308.2 and 311, IREDELL COUNTY SUBDIVISION ORDI-
NANCE: MOTION from Commissioner Madison to table this public hearing until September 3, 1991, 7:00
p.m., County Commissioners' Meeting Room, Statesville, NC.
VOTING: Ayes - 5; Nays - 0.