HomeMy WebLinkAboutC.054.93010_1228for the Ingersoll Rand Company attended the meeting and requested approval of an
economic development incentive.
Attorney Moran said Ingersoll Rand was a manufacturing company with a
diversity of products that employed over 45,000 people worldwide. He said the
company's annual sales were $9 billion with brand names of Bobcat, Schlage, Club Car,
ThermoKing, Hussman, and others. Moran said in 1975, the company constructed a
manufacturing facility in Davidson, North Carolina, and this was the worldwide site for
the company's air compressor division that annually generated $700 million in sales.
He said through the years, the Davidson site had grown necessitating the usage of
leased space. Mr. Moran said the company now desired to construct a 100,000 to
120,000 square foot facility to eliminate the leased space. He said the construction
costs would be somewhere between $8 million to $10 million for the new facility that
would house the company's financial, human resources, and information technology
departments.
No one else spoke, and Chairman Johnson adjourned the hearing.
OTIO by Commissioner Tice to approve an economic development
incentive for the Ingersoll Rand Corporation in an amount between $150,400.00 to
$188,000.00, over a five-year period, based upon the company's investment of between
$8 million to $10 million in Iredell County.
VOTING: Ayes -- 5; Nays — 0.
Chairman Johnson declared the meeting to be in a public hearing.
Consideration of a $47,000,000.00 Certificates of Participation Financing
for the Following Projects & Refinancing:
■ Construction of an Addition to Scotts Elementary School and Related
Renovation of Existing Facilities
■ Construction of an Addition to Harmony Elementary School and Related
Renovation of Existing Facilities
■ Construction of a new Southern Zone Elementary School (Woodland Heights)
■ Construction of the new Mooresville Intermediate School
■ Construction of an Addition to Mitchell Community College to facilitate a
Workforce Development Project
■ Refinancing of the County's Payment Obligations under an Existing Financing
Contract Dated October 10, 2002
Chairman Johnson announced that this was the hour and day fixed by the Board
of Commissioners for the public hearing upon the proposed financing, pursuant to an
installment financing agreement, to be dated as of December 1, 2003 (the "Installment
Financing Agreement") between the County of Iredell, North Carolina (the "County")
and Iredell County Public Facilities Corporation, a North Carolina non-profit
corporation (the "Corporation"), of (i) the construction of an addition to Scotts
Elementary School and related renovation of the existing facilities, (ii) the construction
of an addition to Harmony Elementary School and related renovation of the existing
facilities, (iii) the construction of the new Southern Zone Elementary School, (iv) the
construction of the new Mooresville Intermediate School and (v) the construction of an
addition to Mitchell Community College to facilitate a work force development facility
(collectively, the "Project") and proposed refinancing of the County's payment
obligations under an existing installment financing contract, dated October 10, 2002,
between the County and Bank of America, N.A. (the "Prior Financing Agreement") in
order to achieve debt service savings, and that the Board of Commissioners would hear
anyone who may wish to be heard with respect to the Installment Financing Agreement.
As a matter of information, the Director of Finance and Administration of the
County described the nature of the Project and the proposed refinancing and the
installment payments to be made by the County under the Installment Financing
Agreement for such purposes.