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1988-047
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1988-047
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Last modified
9/8/2022 12:22:28 PM
Creation date
9/2/2022 10:46:35 AM
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Resolutions
Resolution Number
1988-047
Approved Date
08/02/1988
Subject
Letter of Intent & inducement Agreement to Profold, Inc. $973,000 of revenue bonds to finance cost
of a manufacturing facility (also see Resolution 88-55
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EXHIBIT A <br />Re: Proposed Construction and Development <br />of a Manufacturing Facility for <br />Profold, Inc., in Indian River County, <br />Florida <br />August 2, 1988 <br />Profold, Inc. <br />3029 N.W. 25th Avenue <br />Pompano Beach, Florida 33069 <br />Attention: Mr. Richard Olson, <br />General Manager <br />Dear Mr. Olson, <br />It is the understanding of Indian River County, Florida (the <br />"Issuer"), that Profold, Inc. (the "Company"), is currently considering <br />the establishment of a manufacturing facility within the territorial <br />limits of the Issuer, that the current estimated capital cost of such <br />facility excluding land for the proposed site, is approximately $973,000, <br />that such facility will provide additional employment in the community of <br />the Issuer for approximately 25 to 30 people, and that the willingness of <br />the Issuer to issue and sell industrial development revenue bonds for the <br />purpose of financing the acquisition, construction and equipping of such <br />facility is an important factor under consideration by the Company in <br />determining the feasibility of such proposed project. <br />The Issuer has determined that the issuance of its bonds to <br />assist the Company in locating such facility in the Issuer's community <br />will result in a substantial increase of employment in such community and <br />that the issuance of such bonds will serve a public purpose by increasing <br />the purchasing power and improving the living conditions of the citizens <br />and Inhabitants of the Issuer and w:t_11 contribute to the prosperity and <br />welfare of the State and its inhabitants. <br />Accordingly, In order to induce the Company to locate and <br />establish its facility in the Issuer's community and incur expenses for <br />initiating such project and its financing, the Issuer hereby makes the <br />following proposal: <br />
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