HomeMy WebLinkAboutC.054.93010_0813 (2)Chris Shoobridge (proponent of the tax levy resolution) said he was a parent, a past
PTO officer in the Cool Springs community, a property owner, a realtor, and he encouraged
the passage of the resolution. He said that in his dealings with people considering a move to
Iredell County, the question of tax levels was rarely discussed. Mr. Shoobridge said there
were more important goals than being one of the lowest -taxed counties in the state. He
encouraged passage of the resolution in order to help maintain and support the public school
system.
No one else requested to speak, and Chairman Tice adjourned the hearing.
Commissioner Williams said that within 30 days, probably more information would
be given out of Raleigh. Williams said he didn't see a "rush" to approve anything.
Commissioner Ray said the problems began in Raleigh, and the problems needed to
be solved there.
Commissioner Johnson mentioned that Cabarrus County Commissioner Coy Privette
had contacted him about a potential lawsuit against the state. He said more information
about the lawsuit would be obtained.
Commissioner Bowles said, "The bad thing about a lawsuit is that it will put them
(state) in more of a financial situation, and we all pay state taxes."
(No action taken on the resolution.)
CONSIDERATION OF A PROPOSED FINANCING AGREEMENT
PERTAINING TO THE PURCHASE/RENOVATION COSTS OF THE IREDELL
COUNTY GOVERNMENT CENTER -SOUTH FACILITY: Chairman Tice announced
it was the time and day arranged for the public hearing upon the proposed financing for the
Iredell County Government Center -South facility to be used as a government services
building pursuant to an installment financing agreement.
Attorney Bill Pope said installment financing was authorized by G.S. 160A, and it
was a mechanism to finance the acquisition and construction of certain real and personal
property. He said a unit of government could borrow money on time by pledging equipment
as collateral, and the taxing authority would not be pledged. Mr. Pope said that if the debt
was not repaid, the only remedy the creditor had was to take the property. He said there was
also a non -appropriation obligation on the part of the local government. Pope added that the
interest rate was a little higher on installment financing than it was for general obligation
bonds, where a full vote of the people was required.
Blumenstein said there were two parts to the financing. The first involved
an amount of $3,510,000 with $1.9 million of it paying off the existing note and the
remainder of $1,610,000 for renovations, architectural/engineering fees, asbestos abatement,
and site work. She said Bank of America had been approved for the financing on
June 18, 2002, at 4.59% for 15 years. Blumenstein said the second part of the financing
involved the renovations of the third floor for $923,200 if a lease with the North Carolina
Department of Environment and Natural Resources could be negotiated. She said that if the
lease was successful, the financing would be 10 years at 4.49%. Blumenstein said the
$923,200 would not be borrowed if the lease negotiations failed.
Charles Carter (opponent of the financing) said the building was about 50 years old.
Mr. Carter said the financing was going to cost 5 or 6 million dollars. He said that during the
meeting, no one had talked about the structure's roof, the heating and air conditioning
system, or how much the interest would cost. Mr. Carter said the county could have obtained
adequate floor space for less than half of the money.
No one else requested to speak.
Chairman Tice said the hearing was required by law, but no action was needed.