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192 <br /> <br /> The Board of Commissioners for the County of Cabarrus met in recessed <br />session at the Cooperative Christian Ministry Crisis Center in Concord, North <br />Carolina on Tuesday, January 26, 1993, at 5:00 P.M. <br /> <br />Present - Chairman: Carolyn B. Carpenter <br /> Vice-Chairman: Kenneth F. Payne <br /> Commissioners: Jeffrey L. Barnhart <br /> Sue B. Casper <br /> Arne L. Fennel <br /> <br /> Also present were Mr. John V. Witherspoon, County Manager, and Mrs. Frankie <br />F. Bonds, Clerk to the Board. <br /> <br />Cooperative Christian Ministry and Night Shelter Tours <br /> <br /> Ms. Peggy Cleveland, Executive Director of the Cooperative Christian <br />Ministry (CCM), explained the types of assistance offered by CCM and provided a <br />tour of the facility. <br /> <br /> After leaving CCM, the Board traveled to the Night Shelter located at the <br />Salvation Army in Concord. Mr. Larry Phillips, Night Shelter Director, explained <br />the services provided at the Shelter. <br /> <br /> Chairman Carpenter reconvened the recessed meeting at 6:30 P.M. in the <br />Commissioners' Conference Room at the Governmental Center. <br /> <br />Landex Proposal <br /> <br /> Mr. Bill Burk, President of Landex, reviewed his request for the County to <br />issue Certificates of Participation (COP) to assist in the construction of the <br />interchange for the Kings Grant Project. He summarized his proposal as follows. <br /> <br />2. <br /> <br />3. <br /> <br />4. <br /> <br />5. <br /> <br />o <br /> <br />County buys green space from Interstate Combined Ventures <br />(ICV) through a COP issued in the amount of $3,700,000.00. <br />ICV contributes additional land in Kings Grant project as <br />additional collateral for COP. <br />ICV will make any payments due under the terms of COP and not <br />covered by the new tax revenues generated by Kings Grant. <br />The County will utilize all taxes generated by Kings Grant to <br />repay the COP. <br />ICV shall have right to market the additional land provided it <br />replaces collateral value needed by placing agreed to release <br />amount into escrow account. <br />The additional land and/or any funds escrowed through the <br />sales of additional land, shall be released to ICV when no <br />longer necessary as collateral. <br /> <br /> There was lengthy discussion regarding the Landex proposal. Mr. <br />Witherspoon reported that bond counsel had indicated that funding for the Muddy <br />Creek Wastewater Treatment Plant and the Public Health facility could not be <br />included in the proposed project. Other items discussed by the Board included <br />the need for economic development, the County's involvement in the "real estate" <br />business, the safety of the County's investment, the possible effect on the <br />County's bond rating, and the availability of similar types of financing <br />assistance for other developers in the county. The Board took no action on the <br />proposal at this time. <br /> <br />Resignation from Cable Franchise Commission <br /> <br /> Chairman Carpenter reported that Ms. Deborah Ollo had resigned from the <br />Cable Franchise Commission and had suggested that the Board consider the <br />appointment of her husband, Mr. Kenneth Olio-Mills, to fill the vacancy on the <br />Commission. <br /> <br /> <br />