PUBLIC HEARING – MAY 3, 2005

A Public Hearing was held on the above date at 5:20 P.M. with the following members present: Mayor Ralph M. Owens, Council Members: Eddie Floyd, Jr., Don Canady, Kay McGlennen, and Jason Macomson. Also present was: City Manager – Gary Fesperman, Angela Steedley with A Steedley-Hosey Enterprise, and City Clerk – Angela V. Greer.

Mayor Owens called the meeting to order and turned the hearing over to Angela Steedley with A Steedley-Hosey Enterprise.

The Public Hearing was held for the purpose of the amount of Funds received and a description of the activities CDBG funds of $500,000.00 for a direct loan to White Roof Development, LLC for Carry-On Trailer Corporation.

The amount of $500,000.00 is a direct loan to permanently finance real assets for Carry-On Trailer Corporation’s Phase III expansion. The note shall carry an interest rate of 3.0% amortized over a fifteen (15) year period with monthly principal and interest payments of approximately $3,452.91 and annual debt service of approximately $41,434.92. Payments shall commence in the month following the EIP loan closing.

The Company will meet the covenants of the loan agreement, which require a 51 percent low and moderate income benefit. It will employ and additional 116 persons, 99% of whom are Low and Moderate Income.

As a recipient of the CDBG funds, the City agrees to further fair housing opportunities. The 9^th District Opportunity Office located in the City of Gainesville ((770) 532-3191) may provide assistance with fair housing complaints.

A foreign language interpreter was not required. The hearing location was ADA accessible, but no disabled persons or those with hearing impairments attended.

There were no public comments.

Mayor Owens adjourned the meeting at 5:35 P.M.

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Ralph M. Owens, Mayor Angela V. Greer, City Clerk