AG 2003 09 15 - Laserfiche WebLink

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August 2S, 2003 Page 230 The Board of Co~is~ioners for the County of Cabar~/s met in recessed session in the Multipurpose Room at the Cabarrus County Governmental Center in Concord, North Carolina on Monday, August 25, 2003, at 6:30 p.m. Present - Chai~an: Robert M. Freeman Vice Chai~an: Richard D. Suggs Co~issioners: Carol}~ B. Ca~penter Robert W. Carruth Coy C. Privette Also present were Mr. John D. Day, County Manager; Mr. Fletcher L. Hartsell, Jr., County Attorney; and Mrs. Frankie F. Bonds, Clerk to the Board. Chairman Freeman called the meeting to order at 6:32 p.m. Commissioner Carruth gave the invocation. Mayor Padgett asked the City Council by consensus to direct the City Manager and Pla~ners to work with County staff to seek a mutually satlsfactoI~ arrangement for development standards in proposed water and sewer se~ice areas. The City Council agreed by consensus. Mayor Padgett commented on similar hotel and convention center projects by Job/% Q. Ra~nons in such places as ~alsa, Oklahoma and Rogers, Arkansas. convention center. Citing the impact of the higher interest rates and the reluctance by Jo~n% Q. Ha~ons to have the Authority as Lessor of the convention center, Mayor Padgett asked that discussion of the project be postponed in order for the City to get updated financial infol~nation. Mr. Hiatt advised that interest rates ~/oted at 6.02 to 6.04 percent in for one-half the debt ~ervlce from $350,000.00 to $680,000.00 and that funding from the increase in the occupancy tax revenue would be insuff~clent Chai~an Freeman addressed various arr~gements by Job~ Q. Ha~ons for hotel and convention center projects in the following cities: ?ulsa, stated in his opinion a better ~deal# can be worked Out with John Q. Ha~m~ons for the local convention center project. the increased interest rates on financing the project. letter back to the County that raised some issues with regard to the