4-5-21 BOC Regular Meeting - Laserfiche WebLink

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VI. NEW BUSINESS VI.A Discussion Regarding Ashby Commons Proposed Layout - Mark Lyczkowski/Ray Covington County Manager John Crumpton stated that Mark Lyczkowski and Ray Covington were unable to make the meeting due to a public hearing in Raeford. The focus of this discussion is a proposed road that would be on property owned by the Davenports and would connect through to the proposed Multi-Sports Complex site along with the site for the proposed development Ashby Commons. The Developers are seeking assistance to develop the road. They would like to come back in two weeks along with two other projects they are working on to discuss further with the Board. The City would like to have a parkway type road with four lanes and a median and the developers would like a two lane road. The County's interest is having the access to the Multi-Sport Complex site and to have a two-lane road that would go out to the intersection. A traffic circle is proposed to control the speed of traffic going by the park. Next to the road is a future commercial/industrial site so more of the property can be developed if the road is developed. The County has secured options for the Multi-Sport Complex Property which grants the county access to perform an analysis on the property prior to the purchase. Commissioner Mark Lovick asked about the impact on Shallow Well Church. The church would like to connect to the proposed road which would be subject to the approval of the City and DOT. No action was taken. Ashby Commons-Sports Complex Concept 4.pdf VI.B Debt presentation by Davenport Public Finance Assistant County Manager/Finance Director introduced Mitch Brigulio who serves as a Senior Vice President with Davenport. Mr. Brigulio provided a presentation to the Board of Commissioners on the County's current debt situation and to present various scenarios for funding options for a new County library, a library/classroom building for Central Carolina Community College and the Multi-Sports Complex. Davenport serves as the County's financial advisor. Davenport's role as a financial advisor is being a fiduciary to the county and as a part of this, they are a full service advisor helping with the planning phase of transactions before a debt financing is started. Related to the transaction, Davenport assists with the credit rating process and helps with the issuance and closing of the debt whether general obligation or limited obligation bonds are issued. The County has worked with Davenport since 2003. The county has a AA2 credit rating with Moody's Investors Service and with Standard and Poor's the County has a AA credit rating. There is a summary from both Moody's and S & P to say what could improve or take away from the County's credit rating. With S & P, the upside is the economic factors changing. Credit ratings are important to issuing municipal bonds and are the biggest driver in the interest rate received on the bonds. Moody's Investor Service methodology goes through a detailed qualitative analysis when establishing an indicative credit rating - factors include economy and tax base (30%), finances (reserves, fund balance) (30%), management (20%), and the final factor debt and pensions (20%). There are some factors the County has direct control over(70%) and some that are out of the County's control(30%). When considering new projects, the existing supported debt is considered as the existing debt profile which is analyzed to 4