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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 5/21/07 <br />Agenda Item # G _ (o <br />SUBJECT: <br />New Northwest Area High School -Land Purchase & Installment Financing <br />BRIEF SUMMARY: <br />On 4-26-07 the Cabarrus BOE approved the acquisition of 65 acres for the New Northwest <br />Area High School. Approximately $9,330,000, including $200,000 in closing costs, is <br />needed to fund the initial land purchase and expenditures through December 31, 2007 for <br />the new school. Installment Financing can be obtained for the remaining balance of <br />$8,405,000. It is anticipated that Certificates of Participation (COPS) will be issued in <br />January 2008 at which time the Installment Financing will be paid off. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda Item as presented) <br />Approve land purchase for the New Northwest Area High School; adopt budget <br />amendment; adopt Financing Resolution including authorization for the County Manager <br />and the Deputy County Manager to proceed with the necessary steps required by the Local <br />Government Commission to issue an Installment Financing up to $8,500,000 and <br />schedule a public hearing for June 18, 2007. <br />Attachments ^ Yes ^X No Expected Length of Presentation 5 Minutes <br />Submitted By: Pamela S. Dubois/Deputy County Manager Date: 5/2/07 <br />Name I Job Title <br />Budget Amendment Required: ^ Yes ^X No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^ Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a New Business item. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />" lD <br />