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<br />Finance Director Ken Chavious reminded the Board that on September 12t" the Board of <br />County Commissioners authorized him to pursue private placement financing to fund the final <br />phase of Carrbora High School. The financing under consideration is $9 million. The plan is to <br />pursue ashort-term variable rate bank loan and later roll the short-term note into alonger-term <br />certificate of participation, currently planned for next spring. In addition, a request for proposal <br />for the financing will be sent out this week. The financing plans have been discussed <br />extensively with the Local Government Commission, and the application is scheduled to be <br />considered December 5t". Once the proposals are received and reviewed, the final action by <br />the Board will be to adapt the resolution approving the financing. This action is currently <br />scheduled for November 2"d. Prior to approval of the application, the general statutes require <br />that the County conduct a public hearing. <br />Chair Jacobs asked about the total cost of the project and Ken Chavious answered $35 <br />million. Chair Jacobs asked how the interest rate compared to issuing bonds and Ken Chavious <br />said that the short-term rate on this financing will probably be less than the bonds. When it is <br />rolled into COPs, it will probably be comparable to the bonds. <br />No public comment. <br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Foushee to <br />close the public hearing. <br />VOTE: UNANIMOUS <br />9. Items for Decision--Regular Agenda <br />a. Comprehensive Plan Update Process <br />The Board received a brief presentation from Planning Staff an revisions to the Planning <br />Board's recommended Draft Comprehensive Plan Update Process and Administration's <br />recommendations far roles and timetable and considered directing County management to <br />pursue the approved Plan Update Process, Roles, and Timelines. <br />Rod Visser said that at the August 28t" work session the Board of County <br />Commissioners gave feedback to the Planning Board on the comprehensive plan and the <br />Planning Board made revisions. Craig Benedict and Tom Altieri have led the County staff in the <br />process of reviewing what is involved in the seven elements of the comprehensive plan. <br />Craig Benedict said that Tam Altieri would be the lead staff person that will be working <br />with the Planning Board to unfold this over the next few months. <br />Comprehensive Planning Supervisor Tom Altieri made reference to the rose-colored <br />handout. He pointed out the exceptions to this and the original handout. He gave a brief <br />background on the comprehensive plan update process. He said that all of the agenda <br />materials are available on the County's website. He made reference to attachment 1, which is <br />the revised draft process. In the abstract, on page 2, there is a summary of changes, and he <br />read them, as follows: <br />Summary of Revisions: <br />- Planning Board to review and evaluate the "1981 Land Use <br />ElementlComprehensive Plan" rather than multiple advisory boards. <br />- Planning Board to review the credibility of historical population projections. <br />- BOCC to endorse identified advisory boards and departments associated with <br />Elements and pracesslguidelines far Comprehensive Plan implementation <br />earlier in the process. <br />- Additional Joint Advisory Board Meeting added as the first step in Phase II. <br />- Advisory boards will be asked to designate Liaisons {defined in Attachment 2). <br />- Planning Board to conduct outreach with assistance from other Lead Advisory <br />Boards (defined in Attachment 2). <br />- Objectives to be developed during Phase II rather than Phase I. <br />