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November 15, 2010 (Regular Meeting) Page 211 <br />their intention to close .028 miles public right of way for Atando Road (SR <br />2656); and <br />WHEREAS, having received public input on the proposed closing at the <br />meeting, the Cabarrus County Board of Commissioners is of the opinion that <br />the portion of the road to be abandoned should be abandoned. <br />NOW THEREFORE, BE IT RESOLVED that .028 miles of public right of way <br />for Atando Road (SR 2656) be closed effective this 15th day of November, <br />2010. <br />/s/ H. Jay White, Sr. <br />H. Jay White, Sr., Chairman <br />Cabarrus County Board of Commissioners <br />/s/ G. Kay Honeycutt <br />G. Kay Honeycutt <br />Clerk to the Board of Commissioners <br />(G -2) BOC - Resolution Approving in Principle of Special Purpose Project for <br />Carolina USA Partners, LLC and the Financing Thereof with Recovery Zone <br />Facility Bonds in the Principal Amount of up to $100,000,000.00 and Public <br />Hearing - 6.30 P.M. <br />Note: This item was removed from the Agenda at the request of the <br />applicant. <br />(G -3) Kannapolis - COPS (Certificates of Participation) Financing for NCRC <br />(North Carolina Research Campus) <br />Mike Legg, Kannapolis City Manager, presented the following information <br />regarding COPS (Certificates of Participation) financing for the NCRC (North <br />Carolina Research Campus): financing was first sought as a TIF (Tax <br />Increment Financing); following a period of negotiations and a failing <br />economy, financing is now being sought using COPS; there are four primary <br />reasons for urgency: (1) the Cabarrus Health Alliance has a construction bid <br />that expires at the end of December, (2)the City of Kannapolis has partnered <br />with the Department of Transportation for a project (pedestrian tunnel and <br />storm water line) using stimulus money with a January deadline, (3) interest <br />rates may go up at any time, and (4) there will be two new Cabarrus County <br />Commissioners that will not know the project's 5 -year history. <br />Mr. Legg also highlighted the information provided in the agenda and <br />noted the projected amount for the COPS is estimated to be between $36 and <br />$37 million, depending on interest rates and other factors which would result <br />in a $31 million project fund. The financing plan also includes two years of <br />capitalized interest. Further, he addressed the collateralization of the <br />Cabarrus Health Alliance building and an agreement between Kannapolis and the <br />Cabarrus Health Alliance for maintenance and operational expenses on the <br />building for the life of the loan. <br />Board: <br />Mr. Legg also addressed the following information provided to the <br />Planned NCRC COPs Funded Projects <br />City of Kannapolis and Cabarrus County <br />Updated November 15, 2010 <br />Cabarrus Health Alliance <br />Downtown Waterline Replacement <br />Stormwater Line and Pedestrian Tunnel <br />Reimbursement to City of Kannapolis (Phase I Infrastructure) <br />Reimbursement to Castle & Cooke (Phase I Infrastructure) <br />Veterans Park Improvements <br />Interstate Signs for NCRC <br />North Main Street Completion <br />8th Street Stormwater Line <br />Completion of Phase I Streets <br />NCRC Phase II -A Infrastructure <br />TOTAL PROJECTS <br />Cabarrus Health Alliance Building <br />$ 15,000,000 <br />$ 1,731,000 <br />$ 1,350,000 <br />$ 1, 344, 978 <br />$ 6,291,726 <br />$ 397,000 <br />$ 90,000 <br />$ 130,000 <br />$ 834,000 <br />$ 360,000 <br />$ 3,471,296 <br />$ 31,000,000 <br />Budget: $15,000,000. Specific budget breakdown is as follows: <br />