BC 2009 10 19 Regular Meeting - Laserfiche WebLink

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October 19, 2009 (Regular Meeting) Sincerely, /s/ H. Jay White, Sr. H. Jay White, Sr., Chairman Cabarrus County Board of Commissioners Page 1663 CC: Senator Fletcher Hartsell Representative Linda Johnson Representative Jeff Barnhart Mr. Tommy Barbee Mr. Ralph Bonds Cabarrus County Voluntary Agricultural District Advisory Board (G-2) County Manager - New Governmental Office Complex - Update Mike Downs, Deputy County Manager, reported the County is considering alternate locations for the new Governmental office complex due to anticipated site development costs on the old fairgrounds property. Locations under consideration are as follows: (1) Afton Ridge located off of Kannapolis Highway, (2) International Business Park located off of International Drive in Concord, and (3) Coldwater Ridge located off of Lake Concord Road in Kannapolis. He reported information related to property values and offers will need to be discussed in closed session. Commissioner Carruth stated the Board of Elections department expressed concern via third parties about relocating too far from the downtown area and how it may impact their operation. He indicated the Board of Commissioners has an open door policy and that members of appointed boards or committees should feel free to contact the Board directly. He noted, along with the other project development issues, consideration should be given to which county departments are relocated if a new site is selected. Chairman White announced a decision will likely be made in two or three weeks in open session once all the data has been obtained and all questions answered. Pam Dubois, Deputy County Manager, presented the following information related to the refinancing of $60 million Certificates of Participation (COPS) authorized by the Board in January 2009: the Local Government Commission has agreed to review the 2001 COPS issue which has a 12-year term; the debt will not be refinanced unless the savings exceed 2.75 percent; recently, possible savings have fluctuated from $600,000 down to $16,000 due to market conditions; the term of the debt will not be extended; and refinancing will reduce the County's future debt service payments. UPON MOTION of Vice Chairman Mynatt, seconded by Commissioner Poole and unanimously carried, the Board adopted the resolution approving refinancing or prior installment contract financing in an aggregate principal amount up to $27,535,000.00 and the execution and delivery by the Cabarrus County Development Corporation of Certificates of Participation related thereto, authorizing the execution and delivery of related documents in connection therewith, and providing for certain other related matters. The resolution is as follows: Resolution No. 2009-25 RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCING IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $27,535,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve a proposed plan of refinancing in an aggregate principal amount of up to $27,535,000, which plan would involve the entry by the County into an installment financing contract (or an amendment to an outstanding installment financing contract) with the Cabarrus County Development Corporation (the "Corporation") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to refinance all or a portion of an installment financing