Agenda - 12-01-1997 - 7a - Laserfiche WebLink

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e 1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. ACTION AGENDA ITEM ABSTRACT Meeting Date: December 1, 1997 SUBJECT: Skills Development Center Renovations Financing DEPARTMENT: Finance PUBLIC HEARING: YES: X NO: ATTACHMENT(S): INFORMATION CONTACT: Resolution Ken Chavious, ext 2453 Financing Proposal Draft Modification Agreement Public Hearing Notice PURPOSE: To conduct a public hearing on matters related to the financing of renovations to property located at 501/503 West Franklin Street(Skills Development Center), and to take action required on such matters to facilitate the acquisition of funds. BACKGROUND: At the November 19, 1997 meeting, the Board of Commissioners authorized County staff to pursue the financing of renovations to the Skills Development Center. An application for approval of this financing has been forwarded to the Local Government Commission(LGC). Prior to the LGC granting approval, the Board is required to conduct a public hearing on the proposed financing. The Board established December 1, 1997 as the date of the hearing. The LGC is scheduled to take action on the County's application on December 2, 1997. If approval is granted by the LGC, closing and receipt of funds will occur during the week of December 15, 1997. Since NationsBank financed the original purchase of the building for $1.2 million in 1996, County staff sought their interest in financing the renovations. They have proposed to finance $780,000 for renovations, for a 10 year period, at an interest rate of 5.03%. This is a very competitive rate which yields annual payments of $100,391. These annual payments can be accommodated in the County's CIP. The first payment would be due on July 1, 1998. RECOMMENDATION(S): The Manager recommends that the Board conduct the public hearing as required; accept the proposal from NationsBank; adopt the attached resolution providing final approval of terms and documents; and authorize the Chair, Manager, Finance Director, and/or Attorney to execute all documents related to this transaction, subject to final review by the County Attorney and Bond Counsel.