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June 24, 2002 Page 400 $335,344.00 by eliminating the elevator and interior stairway replacement. This will accomplish all necessary repairs, except window replacement, to the building's exterior. UPON MOTION of Commissioner Fennel, seconded by Commissioner Privette with Commissioners Fennel, Privette and Suggs and Chairman Freeman voting for, the Board approved the following motion: In order to secure the value of the First Union Building, the Board approved the construction contract with Co M. Black Construction Company in the amount of $335.,344.00 for the exterior renovations to the First Union Building and authorized the County Manager to sign the contract on behalf of Cabarrus County. Discussion of Local Option Sales Tax (Pending Legislation - Senate Bill 1292) Mr. Clifton reviewed 2001 legislation that will allow counties to enact a one-half cent local option sales tax as of July 1, 2003 to replace reimbursement revenue. Senate Bill 1292 now pending in the House of Representatives would authorize counties to levy the tax this year by resolution and without a public hearing. To be effective August 1, 2002, the tax would have to be levied by County resolution with the Department of Revenue notified by July 15, 2002. Further, Mr. Clifton outlined the two options for Cabarrus County if the legislation is enacted: (1) Adopt the one-half cent sales tax as soon as possible after legislative authorization so as to maximize the potential revenue to offset the lost reimbursements ($3.7 million); or (2) Take no action but understand that revenues of $3.7 million would be reduced in FY 2003 and must be addressed on the expenditure side of the budget. Vice Chairman Carruth arrived at 6:30 p.m. and was present for the remainder of the meeting. There was discussion regarding the additional one-half cent sales tax, including the following issues: (1) the withholding of the State reimbursement revenue and the impact on local municipalities as well as County government; (2) the higher sales tax that will be in place in surrounding counties if Cabarrus County declines to adopt the additional sales tax; (3) the impact that continuing increases in sales taxes will have on local economic activity and the way persons shop; and (4) the method for the distribution of sales taxes in the state. Commissioner Privette proposed, and the Board agreed by consensus, to ~'wait and see" what budget action the State takes before the Board considers options regarding local reimbursement revenue and an additional one-half cent local option sales tax. Closed Session UPON MOTION of Commissioner Privette, seconded by Vice Chairman Carruth and unanimously carried, the Board moved to go into Closed Session to discuss an economic development project as authorized by North Carolina General Statute 143-318.11(a) (4) and to discuss a personnel matter as authorized by North Carolina General Statute 143-318.11(a) (6). UPON MOTION of Commissioner Privette, seconded by Commissioner Suggs and unanimously carried, the Board moved to come out of the Closed Session. It was reported' that discussion of the personnel matter had been delayed until a future meeting. Ad~ ournment There being no further business, to come before the Board, Chairman Freeman adjourned the meeting at 8:46 p.m. Clerk to the Board