2003 - 09-02-03 Regular Meeting - Laserfiche WebLink

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0 0 GIN i 9 P GE Jr~1' submit an application, along with a signed copy of the Lease Agreement for the property that Mental Health will be occupying prior to the Commissioner's meeting. Due to this fact, Chairman Hincks and Clerk to the Board Gaynell Lee executed the Agreement so Brick Capital could submit paperwork on time. Mr. Hoyle asked that the Board ratify the signed Agreement. Commissioner Matthews moved to approve ratifying the Agreement with Brick Capital Community Development Corporation for the Mental Health project, a copy of which is attached to these minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Adams, Hincks, Lennnond, Matthews, Paschal, Reives, and Stevens Nay: None The Chairman ruled the motion had been adopted unanimously. County Attorney K. R. Hoyle discussed with the Board a public hearing that had been advertised for this date and time concerning the installment-financing contract for construction of a new high school and emergency services training center for Central Carolina College. Mr. Hoyle stated the purpose of the public hearing was to incorporate a non-profit corporation, which will enter into an installment loan agreement with the County. According to General Statute a public hearing is required if property is involved in the transaction. Once an agreement is entered in to, the corporation will enter into an Indenture of Trust with First Citizens Bank, the low bidder based on fees and experience. Under the terms of the trust, the non-profit organization assigns the trustee the rights and privileges to the agreement. The property is in the County's name and for that reason a construction agreement will be entered into with the Board of Education, which will allow them to build on the property. The County will also give the Board of Education a lease to operate the school until the indebtedness is paid off. An underwriter company will be responsible for collecting the money and turning it over to the trustee after the Certificates of Participation (COP's) are sold. The County will submit requests to the trustee for funds to pay for the construction as the project progresses. Commissioner Matthews moved to open the advertised public hearing. Upon a vote, the results were as follows: Aye: Adams, Hincks, Lemmond, Matthews, Paschal, Reives, and Stevens Nay: None The Chairnan ruled the motion had been adopted unanimously. Economic Development Director Bob Heuts spoke in favor of the installment- financing contract. No one present spoke in opposition to the installment-financing contract. Chairman Hincks closed the public hearing. 4