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November 17, 2008 (Regular Meeting) Page 1059 53163110-6901 $609,605.00 $100,000.00 $709,605.00 Fund Balance Appropriation 53193110-9799 $609,605.00 $100,000.00 $709,605.00 Contribution to CVB (G) NEW BUSINESS (G-1) Commerce Department - Public Hearing on 2007-2008 HOME Program Activities Kelly Sifford, Community Development Manager, reported a public hearing is needed for the 2007-2008 HOME Program Activities. She addressed the following information: three homes were fully rehabilitated and one was underway on June 30, 2008; staff had also received bids on two other rehabilitation projects and was finalizing contract issues at the end of the year; and Cabarrus County has expended $71,355.50 as of June 30, 2008 on rehabilitation and administrative costs. Chairman White opened the public hearing at 6:90 p.m. The Public Hearing Notice was published on November 6 and 9, 2008 in THE INDEPENDENT TRIBUNE. There was no one present to address the Board; therefore, Chairman White closed the public hearing. No further action was taken. Installment 160A-20) with a Third Party for Acquiring Real Property for Park and Rcnrwatinnal Purooae and Adopt Resolution Aonrovinq Installment Financing Pam Dubois, Deputy County Manager, presented information related to a request for an installment financing contract (G.S. 160A-20) with a third party for acquiring real property for park and recreational purposes. She reported the County is purchasing an 190-acre piece of land to be used for a park. She stated the agreement is for a 30-year payout of $190,000.00 per year, totaling $5.7 million. She also stated the Local Government Commission requires a public hearing and approval of a resolution. UPON MOTION of Vice Chairman Juba, seconded by Commissioner Mynatt and unanimously carried, the Board voted to hold a public hearing as required by G.S. 160A-20 on installment financing contracts for the project described above and adopted the resolution approving the installment contract financing in the aggregate amount not to exceed $6,000,000.00 and the execution and delivery by Cabarrus County related thereto, authorizing the execution and delivery of related documents in connection therewith, providing for certain other related matters. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $6,000,000.00, which plan would involve the entry by the County into an installment financing contract with a third party pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of acquiring real property to be used for park and other recreational purposes (collectively, the "Project"), which Project was described in the notice of public hearing published in THE INDEPENDENT TRIBUNE on November 5, 2008 (the "Notice"), and under said installment financing contract the County would secure the repayment by it of moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project. The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board of Commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director. All of the foregoing statements were duly considered by the Board of Commissioners.