The Cabarrus County Board of Commissioners set public hearings on an economic project and Limited Obligation Bonds. The Board discussed the Limited Obligation Bonds at its May Work Session.
Making public comments at the virtual Board of Commissioners meeting
Due to COVID-19, there will not be a meeting place where members of the public can be physically present. The Board of Commissioners' regular meeting will broadcast live at 6:30 p.m. on Cabarrus County Television, https://www.youtube.com/cabarr... and https://www.cabarruscounty.us/... You can also listen to the meeting by phone at 704-920-2023 using the pin 1234.
The following three sources will be available for input during the public hearing and for informal public comment:
1. Conference call number 704-920-2023 pin 1234
2. Set up a video meeting with email@example.com by 5 p.m. on Thursday May 14.
3. Email comments to firstname.lastname@example.org by 5 p.m. on Monday May 18 to be read at the meeting.
If reasonable accommodations are needed, please contact the ADA Coordinator at 704-920-2100 at least 48 hours prior to the public hearing.
The official notices reads
Limited Obligation Bonds
Notice is hereby given that the Board of County Commissioners (the "Board") of the County of Cabarrus, North Carolina (the "County"), will conduct a public hearing on May 18, 2020 concerning the execution and delivery by the County of one or more installment financing contracts with one or more third parties (the "Contracts") to refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior
installment financing contracts paid all or a portion of the costs of acquiring, constructing and equipping various public facilities and related improvements and costs (collectively the "Projects").
The plan of refinancing for the one or more prior installment financing contracts and the Projects involves the entry by the County into the Contracts with one or more third parties who will provide the County with up to $56,500,000 pursuant to the terms of the Contracts, which amount will be applied to provide refinancing of the one or more prior installment financing contracts and the Projects. The County's obligations to such one or more third parties supplying
financing are authorized by North Carolina General Statutes Section 160A-20 and will be secured by a lien upon or security interest in all or some portion of the Projects and/or in all or some portion of the real property on which the Projects are located.
The obligations of the County under the Contracts will not be deemed to be a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation and the Contracts will not directly or indirectly or contingently obligate the County to make any payments beyond those appropriated in the sole discretion of the County for any fiscal year in which the Contracts are in effect. No deficiency judgment may be rendered against the County in any action for breach of the Contracts and the taxing power of the County is not and may not be pledged directly or indirectly or contingently to secure any moneys due under the Contracts.
Economic Development Investment - Project Paul
Notice is hereby given that the Cabarrus County Board of Commissioners will hold a public hearing at its regular monthly meeting at 6:30 p.m. (or as soon thereafter as persons may be heard) on Monday, May 18, 2020, to consider: Project Paul pursuant to N.C. General Statute § 158-7.1. Project Paul proposes to locate in an existing industrial spec building located at 700 Derita Road, Concord with a projected investment of approximately $24,560,000 in real and personal property. There are 136 full time jobs associated with the project with average wages above our current County average wage. A three-year grant equivalent to 85 percent of the ad valorem taxes on the increase in real and personal property tax values is requested. The proposed draft agreement is available for inspection in the Office of the Clerk to the Board at the Governmental Center.
Any questions concerning this item should be addressed to the Cabarrus County Planning and Development Services Department- Community Development Division at (704) 920-2142.
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