HomeMy WebLinkAboutC.054.93011_0526 (2)as #52 on the Forbes 500 list, (3) the company employed more than 22,000 nationwide,
and (4) the company reported $2.94 billion in revenue last year. He said the $19.7
million investment would make the company eligible for a $342,780 incentive.
No one else spoke and Chairman Tice adjourned the hearing.
OTIO by Commissioner Norman to grant the economic development
incentive of $342,780.00, over a five-year period, to the Kohler Company based upon a
$19.7 million investment.
VOTING: Ayes — 5; Nays — 0.
Chairman Tice declared the meeting to be in a public hearing.
Consideration of an Industrial Revenue Bond Project for TOBIJO
Properties RLLLP & C.R. Onsrud, Incorporated: Tom Onsrud (President) and
John Onsrud (Executive Vice President) attended the meeting on behalf of the C.R.
Onsrud Company.
Tom Onsrud said his company desired to (1) build a new manufacturing
facility, (2) purchase additional manufacturing equipment, and (3) build a new
corporate office on 45 acres of newly -acquired property in Troutman, NC. He said the
entire project would not exceed $4,000,000.00. Onsrud said the company was
incorporated in 1976, and it primarily manufactured computer -controlled CNC routing
equipment for woodworking along with cutting plastic and aluminum. He said the
company had experienced a tremendous amount of growth and needed to expand.
Onsrud said a new facility/location was needed due to (1) not enough acreage at the
current leased facility for expansion and (2) the landlord's decision to disallow any
expansion due to the prospect of having a potentially more profitable use for the land.
He continued by saying the new facility would be located only two miles north of the
present site, and all of the employees were willing to continue their employment at the
new location. In conclusion, Onstad said 20 new jobs would be created with the
expansion.
Attorney Bill Pope provided the commissioners with a brief overview of the
industrial revenue bond program.
Mr. Jeff McKay spoke on behalf of the C.R. Onsrud Company and encouraged
the board of commissioners to approve the industrial bond project resolution.
No one else desired to speak, and Chairman Tice adjourned the hearing.
Chairman Tice then introduced the following resolution, the title of which was
read:
APPROVAL IN PRINCIPLE OF INDUSTRIAL
PROJECT FOR TOBUO PROPERTIES RLLLP AND
C.R. ONSRUD, INC., AND THE FINANCING
THEREOF WITH INDUSTRIAL DEVELOPMENT
REVENUE BONDS IN THE PRINCIPAL AMOUNT OF
UP TO $4,000,000
WHEREAS: The Iredell County Industrial Facilities and Pollution Control
Financing Authority (the "Authority") has agreed to assist in the financing under the
North Carolina Industrial and Pollution Control Facilities Financing Act (the "Act") of
an industrial project by TOBUO Properties RLLLP and C.R. Onsrud, Inc., a North
Carolina corporation, or their related or affiliated entities (collectively, the
"Company'), which plans to acquire, construct and equip a facility for the manufacture
of computer controlled routing machines (the "Project") and has indicated that
agreement by the execution of an Inducement Agreement between the parties dated
October 5, 2004; and