HomeMy WebLinkAboutC.054.93009_1838 (2)MOT15N by Chairman Haire to: (1) approve an incentive grant of approximately
$1,350,000 to the Cardinal FG Company in accordance with North Carolina G.S. 158.7.1 and the
Iredell County Industrial Incentive Policy (2) formalize the agreement in a Memorandum of
Understanding between the referenced company and Iredell County and (3) adopt the resolution
authorizing permission to enter into an agreement with the N.C. Dept. of Transportation.
VOTING: Ayes - 5; Nays - 0.
RESOLUTION AUTHORIZING PERMISSION
TO ENTER INTO AN AGREEMENT WITH THE
NORTH CAROLINA DEPARTMENT OF TRANSPORTATION
WHEREAS, Iredell County has requested the North Carolina Department of
ortation to assist in the funding of a rail industrial access track to serve the Cardinal FG
ny; and
WHEREAS, the North Carolina Department of Transportation will provide fifty percent
of the cost of the above described project not to exceed the amount specified in the
agreement; and
WHEREAS, Iredell County will provide a percentage of the cost of the above described
NOW, THEREFORE, BE IT RESOLVED that a contract be entered into with the
artment of Transportation and that the necessary agreement and contracts be executed
the North Carolina Department of Transportation's Rail Division.
Chairman Haire declared the meeting to be in public hearing session.
UNDISCLOSED INDUSTRY - CONSIDERATION OF REQUEST FOR $90,000
ECONOMIC INCENTIVE APPROPRIATION (GRADING, DEVELOPMENT OF
FACILITY SITE & JOB TRAINING): Chairman Haire explained the request was for the
consideration of a $90,000 expenditure for an undisclosed company to locate a manufacturing
facility in Iredell County. Benefits to the county would include stimulation of the local economy,
promotion of business, and the creation of jobs that pay at or above the median average wage for
Iredell County.
Melanie O'Connell Underwood introduced Mr. George Pretty H, Attorney (Parker Poe
Adams & Bernstein law firm) for this corporation.
George Pretty was accompanied by Ron Stuff, another attorney for the industry. Pretty
advised that the Japanese company was called Toyo Seal America Corporation, and a new
manufacturing facility was being planned for the Mooresville Business Park. Pretty said Toyo Seal
was a family-owned company and was established in 1927. It is multi -national and has two plants
in Japan, a plant in the United Kingdom, and one in Indonesia. The company hopes to have the
Mooresville facility in operation by mid-November of 1998. The product made by the company is
precision rubber seals (automotive ball bearings plus other specialized rubber products) and is very
high-tech. The plant would be very clean with low emissions. The NC Dept. of Environment and
Natural Resources has already advised that an air permit will not be required. Initial investment will
be between $4.5 and 5.5 million for plant/equipment. A 50,000 sq. ft. facility will be constructed.
In the first phase, approximately 30 people will be employed. The incentive funds would be used
for grading of the site, development of the facility site, infrastructure, and job training.
Chairman Haire adjourned the public hearing.
MOTION by Chainnan Haire to approve an incentive grant of approximately $90,000 for