c110110 I _MaltOMeal_Closed Session I (Malt -O -Meal) November 1, 2010
At 4:50 p.m., the Board convened closed session on a matter relating to the location or
expansion of business in the area, pursuant to NCGS 143-318.1l(a)(4). Commissioners Holmes,
Frye, Kemp, Lanier and Haywood were present. Also present were County Manager Richard
Wells; Will Massie, Finance Officer; Darren Allen, County Attorney; Aimee Scotton, Associate
County Attorney; Cheryl Ivey, Clerk to the Board; and Bonnie Renfro from Randolph County
EDC.
Bonnie Renfro, EDC President, updated the Board on a Malt -O -Meal expansion project in
Asheboro, noting that the company is now the county's largest taxpayer. She said that Malt -0 -
Meal is ready to move forward to add the originally proposed two new cereal lines, and now also
plans to add a new high speed oatmeal line to be online by mid -2013. The project will provide 80
new jobs. Ms. Renfro said that the total capital investment is estimated at $136 million ($61
million in real property and $75 million in personal property) with projected revenues of
$6,211,534 over the first six years of the project.
Ms. Renfro presented the following incentive option:
$3,160,000 to be split equally (at $1.58 million) by Randolph County and the City of
Asheboro to be paid over 8 years, which would equal 50% of projected tax revenue for
6 years, paid at $395,000 per annum, or $197,500 for each unit of government
annually.
The consensus of the Board was favorable to the project and the Board directed the Clerk to
publish notice for a joint public hearing with the City of Asheboro on the matter for 6:00 p.m. on
November 16, 2010. Ms. Renfro also noted that the project is contingent upon all local and state
incentives.
Closed session on this topic ended at 5:10 p.m.
J. Harold Holmes, Chairman Darrell L. Frye
Phil Kemp
Arnold Lanier
Stan Haywood
Cheryl A. Ivey, Clerk to the Board