BC 2007 05 07 Work Session - Laserfiche WebLink

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May 7, 2007 (Work Session) c. Public Safety Improvement Fund: Capital public safety. improvements throughout the county, to include addressing equipment upgrades and enhancement to the county's EMS, fire and law enforcement functions (5$). d. Land Preservation & Park Acquisition Funds: Funds that will be available for use to preserve historic, cultural, or natural landmarks and sites in Cabarrus County, to provide resources for preservation of open land, and to purchase additional property throughout the county for additional parks as needed. (5$). e. Additional Capital Needs Fund: Other capital county needs as identified by the Cabarrus County Board of Commissioners as part of the normal county budgeting and capital improvement planning process to enhance quality of life in Cabarrus County (5$). Page 357 Funds may be transferred between accounts by the Board of Commissioners. There was a general discussion between the Board, the Kannapolis City Manager and Kannapolis' Bond Council on the County's participation in the debt repayment; what could be done with the incremental revenues from the TIF district; a reduction in the County's pledge of the incremental revenues could weaken the transaction from an investor's point of view; how can the interlocal agreement be fashioned, so that the County and Kannapolis gets the same rate of return on its investment; etc. Commissioner White MOVED to place the bond amount as requested by the City of Kannapolis on the May 21, 2007 Agenda as a New Business item. Chairman Carruth seconded the motion. Several Board members stated the motion is premature. Chairman Carruth asked the Board to consider moving the item to the June 18"' meeting. Commissioner White agreed to amend his motion. Commissioner Mynatt expressed concern with the wording of the motion. Commissioner White explained the intent behind his motion. John Day, County Manager, commented on the need to address any unresolved issues and develop a time line before making a final decision. There was further discussion on the wording of the motion and the Board generally agreed to consider the request at its May meeting. Chairman Carruth encouraged Board members to come to the May 21, 2007 meeting ready to take a vote on the County's participation in the TIF. UPON MOTION of Commissioner White, seconded by Commissioner Privette and unanimously carried, the Board voted to place consideration of the County's participation in the Tax Increment Financing (TIF) Project as requested by the City of Kannapolis on the May 21, 2007 Agenda as a New Business item. Adjournment UPON MOTION of Commissioner Privette, seconded by Commissioner White and unanimously carried, the meeting adjourned at 7:40 p.m. Clerl to he ar