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May 27, 2010 (Recessed Meeting) Page 1952
<br />Assessed Valuation Agreement, any shortfall in revenue will be paid by the
<br />developer to meet the escalating debt service amortization schedule;
<br />estimated percentage of growth; status of Health Alliance building if it is
<br />not funded through the TIF; two (2) years of debt service payments can be
<br />deferred with capitalized interest; etc.
<br />Mr. Day also addressed the possibility of moving Environmental Health
<br />employees to another county facility to free up needed space at the current
<br />Health Alliance location if the proposed CHA building is not constructed.
<br />Chairman White addressed the need to inform Kannapolis of the County's
<br />intent in a timely and clear manner in preparation for Kannapolis' upcoming
<br />meeting with the rating agencies.
<br />Updated Five -Year Plan
<br />John Day, County Manager, and Pam Dubois, Deputy County Manager,
<br />reviewed the updated five -year plans based upon the Board's request to remove
<br />the parking deck project:
<br />Option A: Reduced the proposed property tax rate increase to five (5)
<br />cents in FY 2014. The use of $10.5 million of fund balance over 2 years
<br />remained the same.
<br />Option B: Reduced the use of fund balance to $3.8 million over a three
<br />(3) year period and the proposed property tax rate of 4.7 cents in FY 2013,
<br />remained the same.
<br />Plans A & B are as follows:
<br />Five Year Financial Plan A
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