Orange County NC Website
Browse       Search
. t <br /> 4 <br /> ORRNGZ COUNTY <br /> BOARD OF CC§WSSIONER! <br /> Action Agenda <br /> Ite No. V. <br /> ACTION AQMNDA IT= ABSTRACT <br /> sleeting Date: <br /> SUBJSZCT: Resolution Authorizing Staff to Seek Approval For Financing <br /> for 501/503 West Franklin Street and to Establish a Public <br /> Hearing Date for the Financing Proposals. <br /> D$PAR2NZNT: Finance PUBLIC BB.ARING: YZS: NO: X <br /> ATTACMMM(S) : INPrOIGMTION CONTACT:Ken Chavious <br /> Resolution <br /> Public Hearing Notice TRLBPHONB NMMM: <br /> Hillsborough-732-8181 <br /> Chapel Hill -968-4501 <br /> Mebane -227-2031 <br /> Durham -688-7331 <br /> PURPOSSZ: To consider adoption of a resolution indicating the County's <br /> intent to file an application with the Local Government Commission for the <br /> installment purchase of property located at 501/503 West Franklin Street <br /> and to estblish a date for a Public Hearing on Financing Proposals. <br /> BACKGROUND: The Board of Commissioners has authorized staff to pursue the <br /> purchase of property located at 501/503 West Franklin Street. Negotiations <br /> with the property owners have taken place during the past several weeks, <br /> and staff is now prepared to seek the financing necessary to acomplish the <br /> purchase. <br /> The Local Government Commission (LGC) must approve financing arrangements <br /> involving the purchase of real property. As a part of their approval <br /> process, the LGC requires the Governing Board to adopt a resolution which <br /> authorizes staff to submit an application for consideration. The attached <br /> resolution was prepared in accordance with the LGC guidelines and will <br /> satisfy LGC requirements. Once the resolution is adopted, staff will <br /> send out requests for financing proposals to interested financial institutions <br /> and begin the LGC application process. <br /> Upon receipt of financing proposals, staff will review and select the most <br /> favorable repayment plan. Once a proposal is selected, a Public Hearing must <br /> be held on the proposed financing plan in order to comply with statutory and <br /> LCG requirements. Notice of the Public Hearing must be advertised at least <br /> ten days prior to the date fixed for the Hearing. <br /> EtZCCN®iDlâ–ºTION(S) : The Manager recommends that the Board adopt the resolution <br /> establish the Public Hearing date for June 26, 1996 and authorize the Clerk <br /> to advertise the Hearing notice. <br />