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ON MOTION by Commissioner Scurlock, SECONDED by Com- <br />missioner Bowman, the Board unanimously (3-0) accepted <br />Associates Management Group, Inc.'s, offer to settle <br />the case as outlined above and as recommended by staff. <br />INDUSTRIAL REVENUE BONDS RESOLUTION - PROFOLD, INC., PROJECT <br />Commissioner Eggert reminded the Board that the Economic <br />Development Council about 11 years ago recommended support of <br />industrial revenue bonds for the proposed Profold project. <br />Profold, however, did not apply for a long time, and then it <br />looked as if IRD bonds were "sunsetting; so, this delay is <br />totally on Profold's doorstep. <br />Attorney Vitunac explained that Rhoads & Sinon tried to <br />assist Profold, and when they finally applied, they missed the <br />allocation for last year and almost missed this year also. <br />What this Resolution does is authorize us to use the county name <br />to issue $913,000 to finance that project, which is already up <br />and running. This has been through the Economic Development <br />Council and staff review. This normally would have come on the <br />next meeting's agenda, but since there is not another meeting <br />this month, and they wanted to run this closing consecutively <br />with the North County sewer bond closing because the same <br />underwriters and consultants are involved, this was put on as an <br />emergency item. <br />Commissioner Scurlock wondered, considering the complexity <br />of this bond issue and the hassle we have had trying to move it <br />forward, etc., whether we shouldn't take a look at the applica- <br />tion fee. We only get $1,000 for this whole process, and we have <br />had our staff tied up 'on this for 11 years. He asked if Director <br />Baird will be making a recommendation regarding this in the <br />future. <br />OMB Director Baird agreed that he will look into it. <br />149 <br />OCT 2 41989 <br />BOOK d ME 40 <br />