Orange County NC Website
Browse       Search
DRAFT Minutes of January 24 2006 Orange County Board of Commissioners <br />Meeting <br />8. Public Hearings <br />a. Public Hearina On Financing the Acauisition of a Facility Located at 510 <br />Meadowlands Dave. Hillsborough and Adoption of Relate Resolution <br />The Board conducted a public hearing on matters related to financing the <br />acquisition of a facility located at 510 Meadowlands Drive in Hillsborough, as approved <br />by the Board of Commissioners on December 13, 2005 and considered adopting a <br />resolution that authorizes the financing. <br />Ken Chavious, Finance Director, said that the owner of this building has agreed <br />to the County's purchase of the building at a sum of $1, 700, 000 and the County's <br />purchase of non-inventory equipment and furnishings in the building for a sum of <br />$35,000. All but $50,000 of the total $1, 735,000 will be owner financed for a period of <br />10-years at an interest rate of 5%. In addition, the Board of County Commissioners <br />authorized the Finance Director to submit an application to the Local Government <br />Commission (LGC) for approval for the financing. <br />Ken Chavious said that a preliminary application requesting approval for this <br />proposed financing has been forwarded to the LGC and prior to the LGC granting <br />approval, the Board of County Commissioners is required to conduct a public hearing on <br />matters related to the financing proposal. In addition to the public hearing, the Board is <br />also required to adopt a resolution in support of the County's application. The resolution <br />also grants the necessary approval of the transaction as well as authorizes County staff <br />to finalize the financing. The resolution has been prepared by Bond Counsel in <br />compliance with the requirements of the LGC. <br />There was no public comment. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner <br />Carey to close the public hearing. <br />VOTE: UNANIMOUS <br />A motion was made by Commissioner Foushee, seconded by Commissioner <br />Halkiotis to adopt the Resolution Providing Final Approval of Terms and Conditions for the <br />Meadowlands Building Acquisition and Financing. <br />VOTE: UNANIMOUS <br />