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ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION <br /> FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY <br /> NORTH CAROLINA GENERAL STATUTE 160A-20 <br /> WHEREAS, the County of Orange,North Carolina desires to renovate a building in at 501/503 <br /> West Franklin Street, Chapel Hill North Carolina, in which to locate its Skill Development Center; <br /> and <br /> WHEREAS, the County of Orange desires to finance this purchase in an amount not to exceed $ <br /> thousand by use of an installment contract authorized under North Carolina General Statute 160A, <br /> Article 3, Section 20;and <br /> WHEREAS, findings of fact by this governing body must be presented to enable the North Carolina <br /> Local Government Commission to make its findings of fact set forth in North Carolina General <br /> Statute 159, Article 8, SECTION 151 prior to approval of the proposed contract; <br /> NOW,THEREFORE, BE IT RESOLVED that the Board of Commissioners of Orange County. <br /> North Carolina, meeting in regular session on the nineteenth day of November, 1997, make the <br /> following findings of fact: <br /> 1. The proposed project is necessary or expedient because: <br /> a. The facility will serve as a one stop information, assessment, referral and training center <br /> for citizens seeking access to various services available to prepare them for,and help them find. a <br /> job. There is no similar facility in the County. <br /> b. The original purchase of the property was for the purpose stated and the renovations will <br /> make the property ideal for the function it will provide. It's location on the Chapel Hill Transit and <br /> the County's OPT bus routes will make accessibility by public transportation convenient. <br /> c. The building is in immediate proximity to the highest concentration of unemployment <br /> and poverty in all of Orange County;and <br /> d. The renovation costs will be significantly less than the cost of new construction for a <br /> similar facility; and <br /> f. The renovation of the existing building will allow services to the citizens of the County <br /> to be offered much sooner than if a new facility were to be built. <br /> 2. The proposed contract is preferable to a bond issue for the same purpose because: <br /> a. The renovation to this property has been planned in the County Capital Improvements <br /> Plan(CIP) using local funds to pay installments, and this method of contracting would be the most <br /> expeditious manner in which to raise cash for the facility; <br /> b. The not-to-exceed amount of$------------represented through this contract and <br /> imperative for the renovation of this property cannot be prudently raised in total from currently <br /> available appropriations. <br /> 3. The cost of financing under the proposed contract could be greater than the cost of <br /> issuing general obligation bonds. However,this method of financing will increase the alternatives <br /> available to Orange County to obtain the most cost effective,timely, and flexible means possible of <br />