BC 2007 04 02 Work Session - Laserfiche WebLink

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April 2, 2007 (Work Session) Page 329 25. Excess funds collected out of the TIF district, to include additional growth that occurs throughout the county will be available to provide for additional school construction, road improvement, park development, and other county infrastructure needs. 26. Cabarrus County, through an inter-local agreement with the city of Kannapolis, will be able to dedicate an undetermined portion of the increased revenues to assist in funding the municipal infrastructure needs, while minimizing the risk to the existing tax base. 27. The North Carolina Local Government Commission, through its thorough analysis of any debt issuing request from local governments, will be responsible for reviewing the TIF financing proposal, and will give the final approval for any bond issue request from Kannapolis. Because of its thorough analysis of debt financing proposals, no local government in North Carolina has defaulted on any bond issue since the commission's inception after the Great Depression. Be it Resolved That: 1. It is the intent of the Cabarrus County Board of Commissioners, given the unique nature of the NCRC, and its potential impact on the county as a whole to provide funding through an inter-local agreement whereby the new tax revenue realized from the Kannapolis Tax Increment Finance District will be provided to Kannapolis to help to restore the infrastructure of Kannapolis, and provide for an increased quality of life in Kannapolis, Cabarrus County, and the entire region. 2. The Cabarrus County staff involved with development of the inter-local agreement with Kannapolis will work in concert with the staff of Kannapolis to provide a final draft of said inter- local agreement to both boards for their approval not later than their regularly scheduled May meetings. 3. The Board of Commissioners of Cabarrus County, in conjunction and collaboration with the City Council of the City of Kannapolis, will determine the final bond amount and project list for the TIF financing plan, to be provided to staff not later than May 1. Fiahertown Sewer Commissioner White questioned the status of the update on the Fiahertown sewer issue. John D. Day, County Manager, reported the report prepared by Kelly Sifford, Community Development Manager, was placed in Commissioner's mailboxes. Alliance for Tomorrow Commissioner Privette asked if all the Commissioners had received a letter from the Alliance for Tomorrow. The County Manager reported the letter and several pages from their website wereincluded in the Board's packets for informational purposes. Lottery Distribution Formula Change John Day, County Manager, provided information on House Bill No. 9, cosponsored by Representative Johnson. He said Bill No. 9 proposes to change the lottery distribution formula, meaning Cabarrus County will receive even less money than anticipated from the lottery proceeds. House Bill No. 1002 - Cabarrus Quick-Take Based on his research, Commissioner Privette reported the City of Concord requested the legislation. Since the County did not request the legislation, he suggested the name of the legislation be changed to "Concord Quick-Take".