BC 1993 01 19 - Laserfiche WebLink

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191 Mr. Bill Burk of Landex reviewed an earlier request for Certificates of Participation (COP) for the development of King's Grant and specifically $3.5 million for the construction of the interchange. He presented the following points: (1) Direct employment may exceed 12,000 and indirect employment may add 20,000 to 30,000 jobs; (2) Employment associated with King's Grant will reverse a 20-year trend of increasing migration out of the County for employment opportunities; (3) Extensive green space acquired will insure preservation of the quality of life in Cabarrus County; (4) Proven potential of Kings Grant evidenced by the momentum developing prior to the interchange construction; (5) Acceleration of the timetable for Kings Grant, bringing more industry to the county sooner; (6) Other County projects can be included in the COP at the discretion of the County; (7) COP payments attributable to Kings Grant are guaranteed. In conclusion, Mr. Burk asked that the Board instruct County staff to carry out a Certificate of Participation which would include $3.5 million for the green space and additional amounts for designated projects with the proviso that Landex give the County the guarantees and the right to retract the capital designated for other projects at no expense to the County. It was noted that the other County projects proposed to be included in the COP financing were the Muddy Creek Waste Treatment Plant and the human services facility as recommended by the 21st Century Committee. The Board agreed to consider the Landex proposal further at its meeting on January 26, 1993. There being no further business to come before the Board, Chairman Carpenter recessed the meeting at 11:50 P.M. until 5:00 P.M. on Tuesday, January 26, 1993 at the Cooperative Christian Ministry Crisis Center. Clerk to the Board