HomeMy WebLinkAboutC.054.93011_0490 (2)Funding from:
Insurance payoff .................................. $150,000
Three installments of $50,000 over the next three years from
the Fire Tax District Board .......................... +150,000
$300,000
10 -year loan from United Financial
Chairman Johnson asked how the remainder would be paid.
Hall said through barbecues and other fundraisers.
Chairman Johnson asked Mrs. Blumenstein if the borrowed money had to be
secured.
Blumenstein said it would be Wayside that entered into the financing, and if the
VFD used United Financial, the fire department would have to pledge its annual
appropriation from the Fire Tax District Board.
Commissioner Williams asked the annual payment amount.
Blumenstein said information provided by Mr. Hall listed the payment at
$49,861.52, and this was for borrowing the entire amount of $389,735 (interest rate of
4.75%). She said United Financial was offering a lease purchase, and she had
recommended that Wayside's attorney review the leasing agreement.
Mr. Hall said the VFD needed to keep its payments under $50,000 a year.
Commissioner Tice asked why the insurance settlement had taken so long.
Hall said the insurance company had tried to get the fire department to settle on
something that did not meet the specifications of the wrecked vehicle.
Commissioner Williams said he understood the truck had already been ordered.
Hall said this was correct. He said the department could not get its ISO rating
until the truck was received. Mr. Hall said originally, the VFD thought the Fire Tax
District Board would approve the $150,000 in a lump sum rather than spreading it out
over three years.
OTIO. by Chairman Johnson to request that Mrs. Blumenstein present an
alternative means of financing for the truck and for the information to be reviewed by
the Wayside VFD Board of Directors prior to it being presented to the board of
commissioners at the December 7 meeting.
VOTING: Ayes — 5; Nays — 0.
(Mrs. Blumenstein and Mr. Hall agreed to meet together on November 29, 2004.)
Request from Mr. Robert C. McIntosh, a Representative of Dunmore
Estates, LLC, for the Release of Zoning and Subdivision Jurisdiction
(Extraterritorial) to the Town of Mooresville for Property Located Between Mt.
Ulla Highway (NC 801) and Wiggins Road, northeast of Mooresville, NC: County
Planner Whitney Hodges said Mr. McIntosh was requesting the release of
approximately 513 acres of property that fronted along Highway 801. She said the land
was adjacent to the Town of Mooresville, and it was being proposed as a 900-975
single-family home residential development. Ms. Hodges said the project would
require water and sewer, and the Mooresville Town Board on September 7, 2004 agreed
to the extension of these services. In addition, Hodges said a nearby tract of land owned
by Mr. Perry Brown was being considered as a new school site, and she had recently
received a release of jurisdiction request for it. She said the Dunmore Estates property