Orange : City to Form Authority to Attract Industries
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In an attempt to entice companies into the city, the City Council has agreed to form an Industrial Development Authority, through which firms can apply for tax-exempt bonds.
Council members will serve as authority directors and give final approval to all applicants. Some qualifying factors for the funding, according to a report from Ronald Thompson, economic development director, are significant increases in employment, production of energy-conservation products and consumer benefits.
There is no liability for Orange, which will act as “a conduit” for the funding, according to City Manager William Little. “It’s just another method by which we can attract new industry,” he said, adding that the proposal will probably go into effect by the end of October.
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