County Manager Jerry Cooper said Thursday that Bobo is already no longer operating on the site and the county is in the process of securing the property.
“Routine patrols by the sheriff’s office and county marshal will begin immediately, and Roads and Bridges will relocate some of their operations to the site until a new operator opens up for business,” he added.
The authority, made up of the five Cherokee County Commissioners, will meet at 3 p.m. Tuesday at the county administration building to discuss the issue.
The commission will meet soon after for its work session and then hold its regular meeting at 6 p.m.
Judge Margaret H. Murphy of the U.S. Bankruptcy Court, Northern District of Georgia signed the consent order on June 29 that requires Bobo to leave the property and turn over any keys, documents or computer software relating to operating Ball Ground Recycling.
The RRDA, along with Cherokee County as a joinder, petitioned the court to lift the automatic stay imposed due to the company’s Chapter 11 bankruptcy filing.
The RRDA will also possibly consider holding an executive session to discussion potential litigation.
The county commission created the RRDA in 2006 and approved the bond rate for a maximum of $18.1 million in bonds.
The bonds were used to relocate Bobo’s company from its former location on Blalock Road near Holly Springs to its current site on Highway 5 just south of Ball Ground.
The county guaranteed financing through the issuance of bonds through the authority.
Bobo was originally under a lease agreement with the authority to pay $100,000 a month in bond payments on $18.1 million borrowed by the authority to purchase land and equipment for the operation.
Bobo had made payments for about two years, or about $2 million in payments on the debt.
Then last year, the county was notified by the Bank of New York that Bobo was no longer making payments into the escrow account, and the county was obligated to start making the payments.
The county had to make $1.2 million in payments last year and still has to pay an additional $608,171.28 this year.
A total of $1.2 million was originally due on a yearly basis, with the county placing $101,000 into an escrow account for the purpose of making semi-annual debt service payments.
Bobo in late May filed for Chapter 11 bankruptcy protection.