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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 <br />