BC 2009 09 08 Work Session - Laserfiche WebLink

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September 8, 2009 (Work Session) Page 1555 stated there is an assumption with any development that some of the students were already residing in the county and attending county schools. He reiterated that other developments were "green fields" originally, and consequently there were no students there. Commissioner Poole stated she would like the school data updated before September 21, 2009. A discussion ensued and the following information was discussed: a middle school slated for 2009 has not been started; Cox Mill High School has opened and the correct number of students transferring from Northwest Cabarrus to that school is needed; the actual number is 769 and not the 1450 as currently reported. Ms. Watts stated she spoke with Mr. Kluttz regarding the 10-day enrollment figures so the calculations can be revised before September 21st. Commissioner Poole pointed out that Cox Mill will not have a senior class when it opens this year, and going forward, Mr. Kluttz will need to project how many students will be at Cox Mill in senior class next year. Ms. Watts responded to questions from the Board and further stated that this year the first-day enrollment numbers at Northwest Cabarrus dropped significantly to 1140, which is a much lower enrollment number than usually seen at Northwest Cabarrus. Chairman White stressed the importance of making certain the enrollment numbers are consistent and that he believes the 20-day number is always used for the sake of consistency. He asked if this is not the case, the correct information should be brought to the attention of the Board. Commissioner Poole advised the school system reports all numbers, 10-day, 20-day and 2nd- month numbers, to the State, and all of the numbers should be reported to the appropriate departments for consistency and clarity in determining the official numbers. A discussion ensued lead by Commissioner Carruth regarding the lack of capacity at Winecoff, and theoretically the negative impact on the development. Potentially, there would be fewer children there when developed out than currently there now. It was noted that the 56 children currently there will go somewhere; however, the disposition of their movement is unknown, whether they will stay in the district, move to a more crowded or less crowded district, etc. Therefore, a correct number cannot be generated until the movement of the children is known. Cathy Connors with Solstice Partners, LLC expressed her desire to develop the aforementioned apartments and requested a reservation of capacity. She noted the phasing schedule is problematic because of the funding sources lined up. The tax credit source committed to the project is governed by the IRS which is the bulk of the funding. She further stated CO's (certificates of occupancy) are required on each unit within 29 months or the funding goes away. Ms. Connors indicated the company has had to ask for variances on phasing schedules from other states in the past and hopes the Board will accommodate this request as well. Other issues addressed were: site plans will be submitted to the City o£ Concord in the next two (2) weeks; building permits should be obtained in January; and the goal is to have all 106 units built by the end of 2010, but actual construction may spill over into 2011. Ms. Connors answered questions from the Board regarding the IRS funding regulations and deadline. She stated they were issued the tax credits in August of this year, and that all 106 units must have CO's within 24 months (January 2010-December 31, 2011), or they will lose the funding. In response to Chairman White's question concerning how the tax credits were obtained prior to starting construction, Ms. Connors stated they applied with the NC Housing Finance Agency in January; it is an annual process; for a proposed project, the land has to be secured and zoned; certain requirements must be met for the competitive-cycle funding which is awarded in August. Ms. Connors answered questions posed by Vice Chairman Mynatt concerning the criteria for getting tax credits, whether the project is economically based, if it will be located in a depressed area, and what the price ranges will be. Ms. Connors responded as follows: the main criteria for obtaining tax credits are good locations and great amenities in robust areas, and the interest of investors who tend to be attracted to larger areas of growth; 25 percent of rents will be targeted to affordable housing based on income qualifications; and 75 percent will be priced as follows: 2 bedrooms $655, 3 bedrooms $750, and 4 bedrooms $800; rental rates will be competitive with all market rates in the area.