1996 - 03-11-96 Special Meeting - Laserfiche WebLink

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(3) The Lee County Board of Elections is hereby requested to print and distribute the necessary ballots and to provide the equipment for the holding of said election and to conduct and to supervise said election. (4) The Clerk of the Board of Commissioners shall mail or deliver a certified copy of this resolution to the Lee County Board of Elections within three days after the resolution is adopted. Commissioner Dossenbach seconded the motion, and upon a vote, the results were as follows: Aye: Cox, Dossenbach, Garner, Groce, Matthews, Moretz and Reives Nay: None The Chairman ruled the motion had been adopted unanimously. Chairman Garner asked members of the School Board who were present, that local vendors/architects/plumbers/heating and air, etc. will be given the opportunity to participate in the process of the new/renovated school construction if passed by the bond referendum. Members of the Boards' are interested in local vendors having the opportunity to have "a slice at this $25,000,000 bond issue." County Manager William Cowan stated that the North Carolina Bid Laws would apply to this process. Commissioner Cox left the meeting at this time. The Board discussed financing of the Wilrik Project. Mr. Murray Gould, Strategic Financing Advisor, was present and discussed with the Board a loan commitment for the rehabilitation of the Wilrik Hotel. The form of this commitment was designed to meet the requirements of the North Carolina Housing Finance Agency (NCHFA) as well as outline the principal terms of the loan agreement. Mr. Gould told the Board the total amount of expected short fall for this rehabilitation (of 50 units for the elderly) is approximately $856,000. He believes he can be successful in obtaining approximately $350,000 through the state HOME Loan Program. However, this would be conditional on funding the remaining $500,000 in financing from local government sources. They are requesting that Lee County, in conjunction with the City of Sanford, provide the remaining $500,000 ($250,000 from the County and $250,000 from the City) in financing. He further stated the request for financing from Lee County and the City of Sanford is made as a last option. He believes this is the only remaining alternative to the successful rehabilitation of the Wilrik Hotel. He stated "we are asking for a loan and not a grant." While it is essential that the loan provisions be extremely favorable, the loan would have a security lien on the property and would be paid back over a 30-year period. After much discussion Mr. Gould was asked to go back and try to cut expenses (especially operating expenses) and any other cuts he could make and come back to the Board at the March 18, 1996 meeting for further discussion. No action was taken on the matter. 6