c080204Closed Session from Special Meeting - August 2, 2004
At 3:30 p.m. the Board adjourned to joint closed session with the Asheboro City Council to
discuss matters relating to the location or expansion of business in the area served by the Board and the
Council, pursuant to NCGS 143-318.11(a)(4). Commissioners Holmes, Kemp, Frye, Davis, and Mason
were present. Also present for the County were County Manager Frank Willis, County Attorney Aimee
Scotton, Clerk to the Board Alice Dawson and Deputy Clerk to the Board Cheryl Ivey. City Council
members present were Talmadge Baker, Linda Carter, Keith Crisco, Nancy Hunter, David Smith, Archie
Priest, John McGlohon, and Mayor David Jarrell. Also present representing the City were City Manager
John Ogburn; Carol Cole, City Clerk; and City Attorney Jeff Sugg. Representing the Randolph County
Economic Development Corporation were Bonnie Renfro and Melissa Foust. Robert Burkhart, Chief
Financial Officer for Technimark, Inc., was also present.
Chairman Holmes called on Ms. Renfro to make a presentation.
Ms. Renfro distributed and discussed the following spreadsheet, which outlines proposed
incentives and investments by both boards:
Technimark investment and property tax lncreasa schedule based on current tax rate
Real property Machinery & Equipment
Molds - customer ovTotal Investment
Incentive Proposal
Project investment
$4,560,000
21,000,000
14,000,000
$36,500,000
;315,000
Assume $7 million in equipment
and $4.66 million in mold investment per annum for 3
years + $1.5 million real property year one
Increased Tax Revenues
Randolph County
Blg
Equipment
Molds
Total annual revenue
Incentive payment
2005
$7,500
$31,850.
$18.640
$57,990
$50,000
2006
$7,500
$61,250
$32,620
$101,370
$75,000
2007
$7,500
$87,150
$41,940
$136,590
$100,000
2008
$7,500
$78,400
$29,125
$115,025
$90,000
2009
$7,500
$68,600
$201970.
$97,070
2010
$7,500
$58,800
$17,475
$83,775
2011
$7,500
$48,300
$.17,475
$73,275
2012
$7,500
$39,900
$17,475
$64,875
$60,000
$474,250
$195,726
$729,970
$315,004
City of Asheboro
2005
$8,250
$35,035
$20,504
$63,789
$50,000
2006
$8,250
$67,375
$35,882
$111,507
$75,000
2007
$8,250
$95,865
$4$,134
$150,249
$100,000
2008
$8,250
$86,240
$32,037
$125,527
$90,000
2009
$8,250
$75,460
$23,065
$106,776
2010
$8,250
$64,680
$19,221
$92,151
2011
$8,250
$54,285
$19,221
$81,756
2012
$8,250
$43,890
$15,125
$67,265
$66,000
$522,830
$211,190
$800,020
$315,000
Ms. Renfro and Robert Burkhart answered questions from the two boards.
Aimee Scotton asked questions concerning the preparation of the new contract. Due to lack of
time (the Commissioners needed to adjourn this meeting in order to convene their scheduled 4:00 p.m.
regular monthly meeting) Ms. Scotton and City Attorney Jeff Sugg were directed to work out the details
of the contract with Ms. Renfro and Mr. Burkhart following the meeting.
The two boards' consensus was to enter into economic incentives contracts with Technimark, as
presented.
On motion of Frye, seconded by Davis, the Board voted unanimously at 3:50 p.m. to end closed
session and return to open session.
At 3:50 p.m. the Board and Council returned to open session.
J. Harold Holmes, Chairman
Phil Kemp
Robert O. Mason
Approved: September 7, 2004
Unsealed: February 7, 2005
Darrell L. Frye
Robert B. Davis
Cheryl Ivey, Deputy Clerk to the Board