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A <br /> t <br /> t <br /> 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 purchase a building in at 501/503 West <br /> Franklin Street, Chapel Hill North Carolina, in which to locate its Skill Development Center; and <br /> WHEREAS, the County of Orange desires to finance this purchase by use of an installment contract <br /> authorized under North Carolina General Statute 160A,Article 3, Section 20; and <br /> WHEREAS,findings of fact by this governing body must be presented to enable the North Carolina Local <br /> Government Commission to make its findings of fact set forth in North Carolina General Statute 159,Article <br /> 8, SECTION 151 prior to approval of the proposed contract; <br /> NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Orange County, North <br /> Carolina, meeting in regular session on the fourteenth day of May, 1996, make the following findings of <br /> fact: <br /> 1. The proposed acquisition is necessary or expedient because: <br /> a. The facility will serve as a one stop information, assessment, referral and training center for <br /> citizens seeking access to these services to prepare them for and help them locate employment or higher <br /> paying employment. There is no similar facility in the County;and <br /> b. The location of the property to be purchased is ideal for the function it will provide. It's location <br /> on the Chapel Hill Transit and the Orange Public Transportation bus routes will make accessibility by public <br /> transportation convenient; and <br /> c. The building is in immediate proximity to the highest concentration of unemployment and <br /> poverty in all of Orange County; and <br /> d. The building,as it presently stands, will require minimal upfit for the purpose it is to serve; and <br /> e The purchase and upfit costs will be significantly less than the cost of new construction for a <br /> similar facility; and <br /> f. The purchase of an existing building will allow services to the citizens of the County to be <br /> 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 opportunity to purchase this property is not one which will exist for an extended period of <br /> time. This method of contracting would be the most expeditious manner in which to raise cash for the <br /> facility; <br /> b. The not to exceed amount of$1,200,000 represented through this contract and imperative for the <br /> purchase of this property cannot be prudently raised from currently available appropriations,unappropriated <br /> fund balances, or non-voted bonds. <br /> 3. The cost of financing under the proposed contract could be greater than the cost of issuing general <br /> obligation bonds. However, this method of financing will increase the alternatives available to Orange <br /> County to obtain the most cost effective, timely, and flexible means possible of funding this necessary <br /> project. Given Orange County's excellent credit standing,any differences in the comparable costs between <br /> bond financing and installment purchase financing will be reasonable. <br />