IDA 02-11-1997 MinutesINDUSTRIAL DEVELOPMENT AUTHORITY MINUTES February II, 1997
5. NEW BUSINESS (Continued)
Moved that Resolution No. IDA-OOl be adopted and same was passed and adopted by the
preceding
vote,5.2 RESOLUTION NO. IDA-002 - A Resolution of the Industrial Development Authority of the City
of Orange authorizing a maximum of $5,000,000 of debt proceeds to be used to make a loan to Control
Air Conditioning Corporation to expand its air conditioning metal duct manufacturing facility, (Il300,
O
RES-IDA-002)Discussion: The Director of Economic Development reported Control Air Conditioning
Corporation is a nineteen year old company which began in Placentia. They develop and install
air conditioning systems for new businesses or for buildings that are being rehabilitated. They have a
division that
manufactures metal ducts,The Industrial Development Bonds will allow this company to purchase the building at
2176 N, Pacific,rehabilitate the building and purchase used equipment. They plan to employ 180
people when they open, Control Air Conditioning is totally responsible to repay any bonds that may be
issued by the Industrial Development Authority, The City will require a Letter of Credit from a bank with
an A rating or better before a public hearing is scheduled for final approval. With the passage of
this resolution, it will allow Control Air Conditioning Corporation to submit a proposal to two State
agencies for their approval and then returning to the Authority to hold
a public hearing,The Economic Development Director introduced
the following people:John Rottschaeffer, Best, Best and Krieger, Legal Counsel
for the Authority Tom Johnsen, Fieldman Rolapp &
Assoc, Financial Consultant Control Air Conditioning representatives, Ken Ellis, President, Stan Ellis,
Vice-President
and Greg Rurnmer, Controller Barbara DeNiro, (address on file), asked ifthe Industrial Development Authority was
in place of having Redevelopment funds in the area; history of former property and what
happened to that business?The Economic Development Director responded the IDA does not cost the City any
money, it is another tool available to the Department of Economic Development which enables them
to help bring business into the City, There was no knowledge
of
the
previous
business.MOTION
SECOND AYES
Slater Alvarez Murphy, Slater, Coontz, Spurgeon,
Alvarez Moved that Resolution No. IDA-002 as introduced be adopted and same was passed and adopted
by the
preceding vote.6. ORAL PRESENTATIONS -
None PAGE
2
INDUSTRIAL DEVELOPMENT AUTHORITY MINUTES February 11, 1997
7. AJOURNMENT
MOTION
SECOND
AYES
Murphy Slater
Murphy, Slater,
Coontz, Spurgeon, Alvarez The Industrial Development
Authority adjourned at 5:20 p,m,t!t.A"'~
4dlA< t. &d,A".4d CASSANDRAJ. ATHCART,
CMC, CLERK SECRETARY OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY PAGE
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