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Discussion of Profold, Inc. -- Industrial Revenue Bonds Commissioner Eggert reviewed the position of the Economic Development Council as outlined in the following memo: DATE: July 27, 1988 FILE: TO: Board of County Commissioners SUBJECT: Profold, Inc. FROM: e)&REFERENCES: Carolyn K. Eggert. County Commissioner Profold, Inc. has requested that the Board of County Commissioners approve• an inducement resolution for $973,000 in industrial revenue bonds. The members of . the Economic Development Council had a- number of questions about the cost of financing and the reason for the- choice of industrial revenue bonds over a commercial loan.. -One man who is now a partial owner is going to purchase the bonds and wanted Profold not to have to pay any more interest than necessary. From a non-financial standpoint, the company, who produces machines that fold paper, will be bringing 12 new families to the area and employ 15 to 20 local people to, start. The Economic Development Council and the Council of 100 would like approval of this application if the Finance Committee is satisfied with their information and can recommend approval. The Economic Development Council made the following motion: ON MOTION made by Martin Wall, SECONDED_ by Warren Winchester, the Board, on a vote of 10 to 1, with C. William Curtis, Jr. voting in opposition, agreed to tentatively endorse the Industrial Bond Application for Profold, contingent on and'subject to adequate presentation of financial bonafides to the Budget Director, the object being to -facilitate this to do the investigation as.quickly and expeditiously as possible, and conditioned on approval of the Finance Committee with the understanding that the only objection raised was one of our members felt it should bea commercial loan. Brief discussion followed and Mr. Curtis decided to withdraw negative vote. The Chairman stated the vote was unanimous: 10 AUG 2199 BOOK E,�-. cF ?