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AG 2014 04 21
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AG 2014 04 21
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Last modified
4/22/2014 1:43:44 PM
Creation date
11/27/2017 10:43:28 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/21/2014
Board
Board of Commissioners
Meeting Type
Regular
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Guidelines for Plan E and F ( 5 year Plan) <br />| move to: <br />1. Place the follow three projects and amounts nn the proposed bond list <br />A. $A million RCCC Advanced Technology Center <br />B. $11 million Royal Oaks Elementary 8nhnn| Replacement <br />C. $23 million KCS Middle School <br />D. <br />2. The bond list will be drafted very specifically such that if alternative financing is provided for <br />any of these three projects, financing pursuant to the bond vote will no longer be available. <br />1 RCCC will receive an additional $2 million cash for the Advanced Technology Center at <br />time offinancing <br />4. As part of this mobon, we are agreeing to provide short henn financing of up to $23 million <br />to Kannapolis City Schools in FY 2015 for a term not to exceed 5 years for its middle school <br />provided that KCS withdraw its Resolution In Support ofBond Referendum by May 31st. If <br />KCS does make such withdravva|, no other project will be added to the bond project list and <br />the total amount of the bond will be reduced by $23 million. <br />5. It is important to hyU our citizens how we are going to pay for this financing, but | do not <br />vvoot to be disruptive to the regular budget process. As part of the mnhnn, we agree that <br />our FY2O15 budget 5 year plan will have the following <br />A. A revenue neutral tax rate for any and a|� revaluation years. <br />B An: additional $2 million cash for Mount Pleasant Middle School <br />C. $1.5miNion cash for the RCCC Cosmetology program relocation. <br />| think it uvov|d be beneficial to allow staff the opportunity to revise or amend any of its plans to <br />meet the above stated requirements. We vvoV|d like such revised or amended 5 year plan by our <br />April board meeting and if a plan cannot be produced meeting these requirements by such time, we <br />will move forward with Plan C. <br />Attachment number 1 <br />G-3 PagegOd4 <br />
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