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that the County is conservative in using numbers to determine how debt will <br /> impact the county. The Sports Complex bond will call for a vote in 2020 and <br /> is a total of$25,000,000. There will be a debt issuance this spring for the land <br /> purchase for Project Forge, which will also cover needed renovations at the <br /> Government Center and Courthouse for a total amount of$8,000,000. The <br /> economic development revenue from Project Forge covers the debt payment. <br /> Currently interest rates are anywhere from 3-3.5%. The growth of the tax <br /> base will cover future borrowings. A 4.5 cent increase is anticipated if the <br /> Sport Complex is approved. The County will have 7 years to issue the bonds <br /> so the County can wait for the tax base to grow before the bonds are issued <br /> to lower the impact on the tax rate. The maximum impact would take the tax <br /> rate from 7.6 cents to 12.5 cents. The County Manager is also working on <br /> ADM to project school development needs. The financial report for the <br /> County will be received from the auditors by December 16th, assuming they <br /> get LGC approval, and is anticipated to be presented to the Board at the next <br /> meeting. The County Manager also asked for a motion to hold a public <br /> hearing on Project Jupiter. <br /> Motion: Motion to hold a public hearing on Project Jupiter on December <br /> 16, 2019 beginning at 6:00 p.m. <br /> Mover: Robert Reives <br /> For: 6 - Amy Dalrymple, Kevin Dodson, Arianna Del Palazzo, Robert Reives, <br /> Cameron Sharpe, Kirk Smith, <br /> Absent: 1 - Dr. Andre Knecht <br /> Motion Result: Passed <br /> Letter of Support for Sports Complex from Sanford Area Growth Alliance.pdf <br /> Letter of Support for Multi-Sport Complex From Longleaf Pine Realtors.pdf <br /> VII. COMMISSIONERS' COMMENTS <br /> ADJOURN <br /> Motion: Motion to adjourn. <br /> Mover: Robert Reives <br /> For: 6 - Amy Dalrymple, Kevin Dodson, Arianna Del Palazzo, Robert Reives, Cameron <br /> Sharpe, Kirk Smith, <br /> Absent: 1 - Dr. Andre Knecht, <br /> Motion Result: Passed, the meeting adjourned at 4:47 p.m. <br /> C4'rgD4-Lr/j--c-- <br /> Amy M. Dalrymple, Chair <br /> Lee County Board of Commissioners <br /> ATTEST: /' COUP/ I 4 <br /> / <br /> . J/Li A II- 1....1..._/...iii,e: 1r /t _-• ` ti <br /> _‘; ,r nnifer , ble, Clerk to the Board ii. 1! l' 1 3,. t <br /> \.A *4-'• t, ,^V v <br /> vvk 0O I., <br /> C Page 5 of 5 <br />