HomeMy WebLinkAboutC.054.93011_0350IREDELL COUNTY BOARD OF COMMISSIONERS
BRIEFING MINUTES
JULY 13, 2004
The Iredell County Board of Commissioners met in Briefing Session on
Tuesday, July 13, 2004, at 5:00 p.m., in the Iredell County Government Center (South
Wing Conference Room), 200 South Center Street, Statesville, NC.
Present were:
Chairman Steve D. Johnson
Vice Chairman Godfrey Williams
Doug Madison
Marvin Norman
Sara Haire Tice
Staff present: County Manager Joel Mashburn, Finance Director Susan
Blumenstein, Planning Supervisor Ron Smith, Fire Marshal Chuck Gallyon, Tax
Administrator Bill Doolittle, Health Director Donna Campbell, EMS Director Lee
Darnell, Emergency Management Director Tracy Jackson, Library Director Steve
Messick, Support Services Director Jim Vernon, and Clerk to the Board Jean Moore.
CALL TO ORDER by Chairman Johnson.
REQUEST FROM OFFICIALS WITH THE LAKE NORMAN
VOLUNTEER FIRE DEPARTMENT (LNVFD) FOR APPROVAL TO
PROCEED WITH THE FINANCING OF A NEW BUILDING: Joining the
commissioners to discuss a new building for the Lake Norman VFD were
Frank Phillips, Kevin Clark, and Howard Neel. Phillips said the VFD officials desired
to begin the project as soon as possible -- sometime between September to December.
He said the project would cost S2 million, and the initial plans were for the VFD to
temporarily pay any interest ($38,000 to $40,000) that would develop between now and
the new budget year. Phillips said at that time (July of 2005), the department would
request to be reimbursed. He said five different banks were approached about the
financing, and the best proposal came from SouthTrust with the following rates:
1) Term of five years with a fixed rate of 3.47% (no prepayment penalty)
2) Term of seven years with a fixed rate of 3.78% (no prepayment penalty)
Phillips then distributed a "cash flow forecast."
After reviewing the information, Commissioner Williams asked if there would
be enough money to service the debt.
Phillips said there wouldn't be much "wiggle room" with the five-year term, but
the lengthier term didn't provide that much of a "better comfort level." He said the
seven-year term would cost $100,000 more.
Chairman Johnson asked the VFD officials what they planned to do with the
money that would be received from the sale of the property currently in use for the fire
station.
Phillips said the money would be applied towards the debt, and the appraised
property value was $275,000.
Commissioner Williams said the seven-year plan might cost more, but the
potential financial delays to the other departments, for example Harmony, needed to be
considered.
Chairman Johnson suggested that the plan be shared with the Fire Tax Board.
He said that before the commissioners agreed to the debt, he wanted to make sure the
county -wide district would be left with enough money.