Biotech hub developers seek more bond money
Wednesday, November 29th, 2006
By Chris Fitzsimon
More than $76 million is seen as `attractive’
ADAM BELL AND VICTORIA CHERRIE
abell@charlotteobserver.comvcherrie@charlotteobserver.com
A day after Kannapolis told Cabarrus County it needs $76 million in bonds for the North Carolina Research Campus, the biotech hub’s developers said Tuesday they want more.
Castle & Cooke has told elected officials it is considering providing a letter of credit that would allow Kannapolis to issue more than the $76 million in self-financing bonds.
The bonds would pay for new roads, utilities and other improvements in and around the campus.
The company has been working for weeks on ways to increase the amount of the bonds, Kannapolis City Manager Mike Legg said. Those efforts intensified in the past few days, he said.
The city has spent weeks rushing to meet deadlines to issue the bonds. On Monday, Kannapolis met with Cabarrus County commissioners to discuss the county’s participation in the project. (more…)
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