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November 1, 2010 (Work Session) Page 189 Projects to be funded through Series 2010 COPS Issue ■ Assuming a $31.0 million project fund deposit, the bond issue would fund: — Cabarrus Health Alliance building ($15,000,000) 1 — Downtown water system replacement ($1,731,000) 2 — Stormwater line and Pedestrian Tunnel ($1,350,000) 3 — Reimbursement to City of Kannapolis for NCRC Phase I infrastructure ($1,025,000) — Reimbursement to Castle & Cooke for NCRC Phase I infrastructure ($6,025,000) — Improvements to Veterans Park ($397,000) — NCRC Interstate Signage — NCDOT ($90,000) — Final pavement of North Main Street ($130,000) — 8t' Street Stormwater Line ($834,000) — Economic development investment ($4.5 million) — To be determined. 'The Health Alliance Building is designed and a construction bid was awarded in FY 09. The contractor has agreed to extend the bid amount to accommodate the TIF /COPS funding. The City will need to own this building for the duration of the debt at which time it will be transferred to the CHA. CHA will be responsibly for maintenance and operating expenses. 2 This project was funded by the City through interim financing in anticipation of the TIF /COPS being issued. It is now under construction. An additional $446,000 in federal grants was awarded to support the project. The current loan will be paid off by proceeds from the TI F /COPs issue. 3 This project is being partially funded ($1.2 million) through the ARRA (federal stimulus package) via NCDOT. NCDOT anticipates construction to being in early 2011 and the City's funds are required to be issued up front. 4 This actual amount will depend on the final rating and other factors. City is working on a number of recommendations to choose from. All are intended to create new investment, create /sustain revenues and/or create jobs. Chairman White expressed concern with the budget for the Health Alliance. Mr. Legg pointed out that $2.5 million is for land acquisition. Mr. Goldsmith also reviewed the financing calendar for the COPs issuance as set forth in the agenda and responded to questions. Minor modifications to the Intergovernmental Agreement were noted. Chairman White expressed a variety of concerns, including the Cabarrus Health Alliance project. A discussion ensued. Commissioner Carruth MOVED to place consideration of an Intergovernmental Agreement for COPs (Certificates of Participation) Financing for the North Carolina Research Campus on the November 15, 2010 Agenda as a New Business item. Chairman White seconded the motion. Further discussion ensued regarding changes to the Agreement if the location of the future Cabarrus Health Alliance is moved from the NCRC. Mr. Legg emphasized the importance of keeping the Health Alliance in Kannapolis. It was determined that the topic would be discussed later in the meeting. The MOTION unanimously carried. Commerce - Atando Road Public Right -of -Way Abandonment Public Hearing - 6:30 P.M. Susie Morris, Planning and Zoning Manager, advised a resolution was adopted in July 2010 requesting the North Carolina Department of Transportation ( NCDOT) to abandon the maintenance of approximately .028 miles of Atando Road. She stated the next step is to hold a public hearing on the abandonment of the public right -of -way. She explained the abandonment will allow for security measures to be installed at the farm and that the County's property is the only one affected by the abandonment. UPON MOTION of Commissioner Mynatt, seconded by Vice Chairman Poole and unanimously carried, the Board voted to place the Atando Road Public Right - of-Way Abandonment on the November 15, 2010 Agenda as a New Business item and scheduled a public hearing for 6:30 p.m. Cooperative Extension - Discussion Related to the Creation of a Cabarrus County Youth Council Debbie Bost, Cooperative Extension Director, Heather Jones, Extension 4 -H Youth Development Agent and 4 -H members Taylor Furr and Ella Beth Wickliff discussed the creation of a Cabarrus County Youth Council.