Industrial bonds to be sold this week
Published 12:00 am Tuesday, May 25, 2010
Bonds that will finance three industrial projects in Andalusia are expected to be sold later this week.
The Andalusia City Council Monday night approved a resolution putting the legal structures in place for $5.6 million in industrial development revenue bonds.
Like a similar one completed for city projects last year, the bond issue is being managed by Merchant Capital. Proceeds will be used to fund the construction of a building in the industrial park for SaeHaeSung; improvements to the property known as the “Alatex property;” and the purchase of additional property at the city’s industrial park.
The SaeHaeSung facility will be leased to the Korean Hyundai supplier through a lease-purchase agreement and is expected to be turned over to the company in June. In its memorandum of understanding with the city addressing construction of the new facility, SaeHaeSung agreed to hire an additional 150 employees in the next two years.
The council agreed in March to acquire 69 acres to add to the 296-acre park on Sutton Road.