County votes to approve $10.5M for Goodwill
Published: August 15, 2012
Time posted: 5:00 pm
Tags: Goodwill Industries
Goodwill Industries could soon receive $10.5 million in tax exempt financing if the Mecklenburg County Board of County Commissioners has anything to do with it.
The commissioners voted unanimously Tuesday night to approve that money for Goodwill in revenue bonds from Regions Capital Advantage.
Goodwill got approval for the bonds on July 24 from the state revenue bond authority but, after county approval, they still need the North Carolina Local Government Commission to OK the deal.
County Attorney Marvin Bethune encouraged county commissioners to approve the deal, explaining that the county has no responsibility whatsoever in repaying the bond money.
“In all of these instances, the company (Goodwill) is solely responsible for repaying the debt,” Bethune said. “The advantage to the company is that it can get this money at a tax exempt rate.”
Bethune said that the county approved giving a $6.2 million tax-exempt revenue bond to Goodwill to finance the construction of three stores in Mecklenburg County. This bond money would go toward refinancing the three previous stores as well as helping finance two newer stores in the county.
The three previous stores are located on South Tryon Street, Mount Holly-Huntersville Road and Plantation Center in Matthews. The two newer stores are located on Lancaster Highway and Statesville Road.
Bethune said he thinks the N.C. Local Government Commission will look into approving the bonds later this week or early next week.