Minutes - 20091006 - Laserfiche WebLink

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Commissioner Gordon asked about the recommended plan for the whole package. Bob Jessup said that this is a Finance issue and not a legal issue. He would like to try and find a way to proceed this calendar year. Commissioner Gordon asked the staff to address how this can be done this calendar year. She said that it was important to construct the arts wing. Frank Clifton said that part of the issue is to move this process in the calendar year but they need to see if there is a market for this. Commissioner Gordon said that her understanding is that the LGC will not let this go forward unless financing is in place. Bob Jessup said that the LGC wants you to have the money in the bank with a plan. Frank Clifton said that this is a new process for the state and N.C. is conservative financially. Bob Jessup said that there are a lot of finance directors and such that are trying to find buyers for their bonds and it might not be until March 2010 before the bonds are purchased. Commissioner Jacobs said that there is only one company that seems to be interested and he asked if the Board should jump right on this or wait. Bob Jessup said that if there was a company that was familiar with N.C. lending, then the Board should proceed. Discussion ensued on the funding of this project and the funding of the auditorium at Stanford Middle School for OCS. Commissioner Yuhasz said that this was originally presented as an interest free program and now it looks as if there might be interest associated with it. Gary Humphreys said that the factors that drive that have to do with the tax credit level and there is not as much of a market for that now. PUBLIC COMMENT: Desiree Goldman has a freshman at Carrboro High and is involved in performing arts. She said that the school play is at Chapel Hill High since Carrboro High does not have an arts wing. She urged the County Commissioners to do whatever it takes to build the arts wing. Susana Dancy asked for everyone in support of the arts wing to stand. She said that there were more people that support this, but there are about 50 children at Chapel Hill High School rehearsing. She said that parents have been working hard transporting their children from one school to the other because of the lack of an arts wing. This also affects the Chapel Hill High students because the Carrboro High students are using their facility. The lack of an arts wing also affects the bands and choirs. Jim Rogalski presented 24 letters from students that could not be here tonight who are in support of the arts wing. He said that this is a golden opportunity to get this wing. CHCCS Board Chair Lisa Stuckey said that she is here for her board and they are in support of the arts wing and the funding for it. She said that this is a good opportunity to borrow money at little or no interest. She said that the gap in funding needs to be in place to get the LGC funding and the board is willing to divert this money to the arts wing as needed, if it can be reimbursed. She said that the board needs some clarification on the repayment of the principle and interest and the source of those funds. She said that there is some misunderstanding as to how this money will be paid back and that the school board supports this project and is willing to work with the Board of County Commissioners on this issue. Julie Richardson has children in the CHCCS and they are or will be attending Carrboro High. She said that everyone would like to get this school finished, especially an arts wing. She asked that this school be finished before starting on Elementary School #11. She applauded the Board of County Commissioners on this fiscal responsibility but now is the time to take advantage of these low interest bonds.