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HomeMy WebLinkAboutC.054.93010_0813Chris 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.