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DESCRIPTION AND CONDITIONS <br />X L Vision would like to issue "tax exempt" Industrial Revenue Bond to expand the manufacturing <br />facility. The cost of the expansion is estimated to be approximately $5,000,000. All Industrial Bond <br />allocations are issued by the state beginning January of each year and are on a first come first serve <br />basis. Therefore, it is important to have all documents in order by January 1, 1997. <br />X L Vision has requested the County waive the $1,000 administrative fee plus the .5% of the face <br />value of the bonds (.5% up to a maximum of $10,000) since this increases the borrowing cost <br />substantially. Indian River County waived fees in the past if they felt it was in the best interest of the <br />community. <br />In order for X L Vision to be able to issue Industrial Revenue Bonds, Indian River County must hold <br />a TEFRA (Tax Equity Fiscal Responsibility Act) public hearing and pass a resolution. X L Vision <br />would like to hold the TEFRA hearing on Tuesday, December 17, 1996. <br />RECOMMENDATION <br />Staff recommends the Board of County Commissioners approve to hold the TEFRA public hearing <br />on December 17, 1996 and waive the .5% per bond fee. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Ginn, the Board unanimously approved <br />scheduling the TEFRA public hearing on December 17, <br />1996, and waived the .5% per bond fee, as <br />recommended in the memorandum. <br />15 <br />November 26, 1996 <br />Booz 99 F -a„ 935 <br />