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January 7, 2008 (Recessed Meeting) Page 663
<br />Commissioner Carruth MOVED to authorize a five-year incentive grant to
<br />American Communications Network, Inc. (ACN), a subsidiary of LKN
<br />Communications Network, Inc., equivalent to 99 percent of the ad valorem
<br />taxes on approximately $5 million (net of the current assessed value of the
<br />real property to be purchased) and authorize the County Manager and County
<br />Attorney to conclude negotiations and execute the grant.
<br />Commissioner Mynatt seconded the motion.
<br />Richard Koch, County Attorney, recommended the motion include the
<br />following language: "not to exceed $300,000.00" (the same amount of the One
<br />North Carolina Fund grant).
<br />Commissioner Carruth revised the motion to include the aforementioned
<br />language.
<br />Commissioner Privette stated consideration of a matter of this
<br />importance should be held at a regular meeting.
<br />Commissioner Carruth commented on the merger of CT Communications with
<br />Windstream, the loss of jobs and the incentives being linked to the number of
<br />jobs created.
<br />UPON MOTION of Commissioner Carruth, seconded by Commissioner Mynatt
<br />with Chairman White, Vice Chairman Juba and Commissioners Carruth and Mynatt
<br />voting for and Commissioner Privette voting against, the Board authorized a
<br />five-year incentive grant to American Communications Network, Inc. (ACN), a
<br />subsidiary of LKN Communications Network, Inc., not to exceed $300,000.00 or
<br />amount of the One North Carolina Fund grant, equivalent to 99 percent of the
<br />ad valorem taxes on approximately $5 million and authorized the County
<br />Manager and County Attorney to conclude negotiations and execute the grant.
<br />Resolution Approvinv Refinancing Installment Contraot Financing in an
<br />Aogregate Principal Amount up to $20,000,000.00
<br />Pam Dubois, Deputy County Manager, reviewed the Board's actions in
<br />November and December 2007 related to the refinancing of the 1999 Installment
<br />Payment Revenue Bonds that were used to construct the J. N. Robinson High
<br />School. She estimated the savings for the next twelve years to be
<br />approximately $69,000.00 annually and reported the LGC (Local Government
<br />Commission) will review the County's request tomorrow, January 8, 2006 and on
<br />behalf of the County's bond attorney, she asked to have the Financing
<br />Resolution adopted today.
<br />UPON MOTION of Vice Chairman Juba, seconded by Commissioner Mynatt and
<br />unanimously carried, the Board adopted the following resolution:
<br />Resolution No. 2008-01
<br />RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT FINANCING
<br />CONTRACT FINANCING IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$20,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY
<br />DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED
<br />THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED
<br />DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN
<br />OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of refinancing in an aggregate principal amount of up to $20,000,000, which
<br />plan would involve the entry by the County into an installment financing
<br />contract with the Cabarrus County Development Corporation (the "Corporation")
<br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds
<br />of which would be used to refinance that certain installment financing
<br />contract, dated as of June 1, 1999, and heretofore executed and delivered by
<br />the County, which prior installment financing contract paid all or a portion
<br />of the costs of acquiring, constructing and equipping various public
<br />facilities and related improvements and costs (collectively, the "Refinanced
<br />Project"), and under said installment financing contract the County would
<br />secure the repayment by the County of the moneys advanced pursuant to such
<br />contract by granting a security interest in and lien on all or a portion of
<br />the Refinanced Project;
<br />WHEREAS, as part of said plan of refinancing, the Corporation will
<br />issue Certificates of Participation in an aggregate principal amount not
<br />exceeding $20,000,000 to finance the advancement of moneys to the County
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