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CABARRUS COUNTY <br />~' 1 `~, BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />*. <br />`~ JULY 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />BOC -Cabarrus Health Alliance -Update on Status of the Proposed New <br />Building for the Cabarrus Health Alliance (CHA) and the Unavailability of <br />TIF Bond Financing <br />BRIEF SUMMARY: <br />At a joint meeting on September 24, 2007, the BOC and the Kannapolis <br />City Council agreed to finance a number of projects, including a new <br />building for the CHA, with proceeds from TIF bonds. The CHA building <br />has been designed and bid, but financing is not available since the TIF <br />bond market evaporated during the current recession. The construction <br />bid expires in August. <br />CHA representatives expressed a desire for the Kannapolis City Council <br />and BOC to consider alternative financing structures or instruments so it <br />may proceed with construction of a new building. Funding for debt service <br />payments would be provided by Kannapolis and Cabarrus <br />County, derived from the incremental tax revenue produced by the North <br />Carolina Research Campus TIF district. <br />An update will be provided at the Regular Meeting. <br />REQUESTED ACTION: <br />Receive update. <br />EXPECTED LENGTH OF PRESENTATION: <br />15 Minutes <br />G-12 Page 570 of 627 <br />