BC 2010 11 1 Work Session - Laserfiche WebLink

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November 1, 2010 (Work Session) Page 186 • Cabarrus Arena and Events Center - SMG Incentives and Related Budget Amendment - $78,989.00 • Commerce - Adequate Public Facilities Mitigation Agreement for Olive Woods Subdivision • Commerce - Selection of a Consultant for 2010 CDBG Scattered Site Housing Rehabilitation Program • Library - On -going Project Budget Amendment from FY 2010 - Mt. Pleasant Library Expansion - Architect Design - $11,450.00 • Tax Administration - Refund and Release Report - October 2010 Appointments to Boards and Committees • Removal - Nursing Home Community Advisory Committee Reports • Request for Applications to County Boards /Committees • Tourism - Cabarrus County Tourism Authority 1 St Quarter 2010/2011 Update Closed Session • Closed Session - To Discuss Threatened or Pending Litigation Kannapolis - COPS ( of Participation) Financing for NCRC (North Carolina Research Campus) Mike Legg, Kannapolis City Manager, recognized the following attendees present in relation to this item: Walter Goldsmith, Davenport Company, Brent Jeffcoat and Matt Davis, McGuire Woods, Janice Burke, First Southwest Company, Robert Misenheimer, Kannapolis Mayor, and Tom Kincaid, Kannapolis City Councilman. Mr. Legg presented a brief overview of Kannapolis' efforts to secure financing for the North Carolina Research Campus from the Town's initial plan to use TIF (Tax Increment Financing) several years ago to its present initiative to use COPs (Certificates of Participation) for a smaller debt issuance as a result of the economic downturn. Brent Jeffcoat, McGuire Woods, advised that the only changes made to the Intergovernmental Agreement between the City of Kannapolis and Cabarrus County are related to the different form of financing and that all the terms the County bargained for in the original document were left intact. He further advised the County will contribute up to one -half of the debt service from incremental revenues calculated the same as before with no other responsibility other than that portion of the incremental revenues derived from the North Carolina Research Campus. In addition, he said the Agreement allows the County's finance team to review the financing before it is done and that future changes would be brought to the County for consideration. Commissioner Mynatt asked if the projected revenues are the same numbers that were used before or if they were adjusted for future revaluation. Walter Goldsmith, Davenport Company, responded by reviewing the following information: This section intentionally left blank.