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4 <br /> the responsibility for paying the bonds. Tabitha would be paying Pinnacle Bank. Under <br /> the federal tax laws a public entity is sued in this process so the public has can <br /> comment on the conduit issuance. <br /> The bank qualification is so they are tax exempt bonds and the interest is exempt from <br /> federal taxes there is a double benefit for them. It is limited to $10 million for each <br /> calendar year. Hall County gets $10million bank qualified debt each year. The priority <br /> would be the county's own projects. <br /> Colleen addressed the resolution and it references the statutes. They are requesting <br /> $10 million and would come back later this year to request another $10 million. They <br /> would have been here last year but with the pandemic it was delayed. She ask if the <br /> board members had any questions. <br /> Peterson ask if the county has to report this on our financial statements. They stated <br /> that it may be a foot note and not a liability o the balance sheet. The county is not <br /> responsible for it. He also ask about the time frame and this is for the calendar year. <br /> Hurst questioned who this will benefit and who pick up the tab for the tax exemption. <br /> They are not paying taxes. He expressed concern giving one company the benefit. <br /> They replied that nonprofit organizations can apply each year and have the bonds <br /> issued it enables them to do the project and it is an economic development tool. <br /> Richardson ask the total cost of the project and it is $50 million. <br /> Sorensen ask it they would consider a lower amount and expressed concern about <br /> allowing the total amount in one year, the county may have a project come up or <br /> another nonprofit. <br /> Discussion was held and the Hornady project was not nonprofit. Lancaster noted that <br /> this is an economic development tool. This can be an advantage to everyone and it is <br /> allowed by the Federal Government. She also noted that there is a Federal <br /> infrastructure proposed dollar and also the CARES act and they do not have the <br /> determination on how theses dollars can be used. Hall County has a number of needs <br /> and wanton make sure the dollars are used carefully. We still need to know the criteria <br /> and there are some unknowns. She stated she appreciated them coming this is a good <br /> opportunity. <br /> Peterson ask what the project involves and the need for it. They stated that they did a <br /> market study and the population is aging. Over the next five years there will be a need <br /> for more independent living, assisted and skilled living facilities and our current facilities <br /> are close to capacity. It will be in a good location across the street from the new <br /> hospital. It is a beautiful site and pleasing to the area. <br /> Richardson sated this is a good project and it will also be going to the City Council. She stated <br /> they need time to digest this and also see what the City will do. Today was the presentation <br /> only. <br /> 4 <br />