4/22/1997 - Laserfiche WebLink

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i ® � Chairman Eggert brought a scrivener's error to Director Dean's attention THE CHAIRMAN CALLED THE QUESTION and the motion carried unanimously. (4-0, Commissioner Macht absent) GRANT WILL BE PLACID ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD ILEA. OCEAN SPRAY CRANBERRIES. INC. - INDUSTRIAL DEVELOPMENT BOND FINANCING NOT TO EXCEED $10.000,000 The Board reviewed a Memorandum of April 16, 1997: TO: Board of County Commissioners DATE: April 16, 1997 SUBJECT: Request by Ocean Spray Cranberries, Inc. for Industrial Development Bond Financing in an Aggregate Amount Not to Exceed $10,000,000, Issued in One or more Services FROM: Joseph A. Baird, Director Office of Management & Budget DESCRIPTION: Ocean Spray Cranberries, Inc. has requested permission to issue Industrial Revenue Bonds to finance the acquisition, rehabilitation, and expansion of their existing plant for the purpose of processing waste citrus products into animal feed as part of its current operation. When Ocean Spray Cranberries, Inc. expands the facility to process other citrus producer's waste into animal feed, they will have to apply to Indian River County for a franchise. In order for Ocean Spray Cranberries, Inc. to be eligible for Industrial Revenue Bonds, the Resolution and Memorandum of Agreement needs to be approved at the April 22, 1997 Board of County Commissioners meeting since there is a deadline date of April 28, 1997. Usually the TEFRA hearing is advertised and held prior to the Resolution authorizing the Industrial Revenue Bonds, but because of the time problem we will be holding the TEFRA hearing on May 6, 1997. Bob Reid of Bryant, Miller and Olive, P.A., Bond Counsel has advised staff that it is legal to advertise and hold the TEFRA hearing after the Industrial Revenue Bond Resolution is passed by the Board of County Commissioners. Staff has received Ocean Spray Cranberries, Inc. financial statements and application. 53 April 22, 1997 eOQ 1�.1� PAGE ae