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November 11, 1988 <br /> <br />Mr. Michael Ruffin, Manager <br />Cabarrus County <br />P. o. Box 707 <br />Concord, North Carolina 28026 <br /> <br />Dear Mike: <br /> <br />Pursuant to our meeting on Tuesday of. this week, I discussed <br />the financial settlement of the Rocky River project with the <br />Board of Aldermen in executive session last night. The Board <br />expressed theJ. r desire to have this project settled and would <br />like to see it resolved as soon as possible. The Board is <br />receptive to portions of the County's settlement proposal. <br /> <br />The Board is willing to accept your proposed compromise on <br />the issues of the $130,688 of disallowed costs which you <br />questioned and the $6,177 of bank note interest expense which <br />you take exception to. After looking at the calculation of <br />the additional sales tax refund, we take exception with one <br />point. We are willing to compromise on the methodology of <br />computing sales tax refunds, but Blair's computation does not <br />reflect the fact that the 1976 and 1977 sales tax refunds <br />were allocated at that tame. The sales tax refunds in <br />question are from 1978 forward. We have recalculated the <br />additional sales tax refunds on that basis and arrive at <br />additional sales tax refunds allocable to Cabarrus County of <br />$44,126, a difference of $12,247. We are sure this was <br />merely an oversight in calculation. <br /> <br />The one issue on which the Board is not willing to compromise <br />regards the County's request for some distribution of <br />interest earnings of the Rocky River Fund. In support of <br />their position, I attach an excerpt of a letter from Cathy <br />Combs to Blair Bennett dated November 30, 1987 along with an <br />attachment schedule from that same letter. We feel these <br />items support the Board's position and I am sure that you can <br />see their point. The only issue not addressed in this <br />excerpt relates to Blair's point in the meeting Tuesday that <br />the majority of the interest earnings were derived as a <br />result of the investment of the proceeds of the grant <br />anticipation notes. You should be aware that the earnings on <br />investment of the grant anticipation note proceeds were <br /> <br /> City of Concord · P.O. Box 308 - 26 Unloi~ Stregt, South · Concord, North Carolina 28025 · (704) 786-6 <br /> <br /> <br />