BC 2010 11 15 Regular - Laserfiche WebLink

Home Browse Search

November 15, 2010 (Regular Meeting) Page 217 Commissioner Privette expressed opposition to building a new facility for the Health Alliance given the current economic conditions and to funding municipal projects. Chairman White also noted passage of the Interlocal Agreement (ILA) is contingent upon the ILA not affecting the County's bond rating or its debt capacity. Discussion continued. Commissioner Carruth expressed support for keeping the Cabarrus Health Alliance in Kannapolis so that the financing plan can continue to move forward. Commissioner Mynatt stated the County agreed years ago to the TIF (Tax Increment Financing) and to keep the Cabarrus Health Alliance (CHA) in Kannapolis. She said the recent concept of locating the CHA on the old fair grounds site owned by the County was explored to the extent possible and that it would be a mistake to hamper Kannapolis' financing plans. She expressed her desire to see the project move forward for economic reasons and noted that several of the projects being financed are reimbursements owed to Castle & Cooke. Chairman White advised that the "amount not to exceed" should be reduced to $35 million to incorporate the reduction for the Cabarrus Health Alliance building. A general discussion ensued. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Carruth and carried with Chairman White, Vice Chairman Poole and Commissioners Carruth and Mynatt voting for and Commissioner Privette voting against, the Board adopted the following resolution approving the Intergovernmental Agreement between the City of Kannapolis and Cabarrus County as outlined above, in an amount not to exceed $35 million, contingent that the Agreement does not affect the County's bond rating or debt capacity. Resolution No. 2010 -31 RESOLUTION APPROVING INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY OF KANNAPOLIS AND THE COUNTY; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the City of Kannapolis (the "City ") has notified the County that it plans to approve an installment contract financing plan under North Carolina General Statutes § 16OA -20 (the "Act ") which will finance certain public improvements related to the North Carolina Research Campus District (the "District "), and pursuant to which the City will issue either certificates of participation or limited obligation bonds evidencing undivided interests in one or more installment financing contracts to be executed and delivered by the City to provide funding for all or a portion of the costs of such public improvements (the "City Debt "); WHEREAS, since said public improvements will benefit both the City and the County, the County desires to provide financial assistance to the City for the repayment of the City Debt through an interlocal agreement that provides for a transfer from the County to the City of all or a portion of the ad valorem taxes received or to be received by the County on the incremental valuation of property in the District; WHEREAS, the City has requested the County to provide such assistance pursuant to an interlocal agreement and the County has determined it is in the best interests of the County to do so; WHEREAS, there has been submitted to this meeting a draft form of an Interlocal Agreement (the "Agreement ") between the City and the County, pursuant to which the County, to the extent and subject to the limitations set forth in the Agreement, agrees to pay the County Contribution (as defined in the Agreement) to or for the benefit of the City to provide financial assistance for repayment of the City Debt as more specifically set forth in the Agreement WHEREAS, the Board of Commissioners desires to approve the Agreement and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: