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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 purchase property located at <br /> 5011503 West Franklin Street, Chapel Hill, North Carolina,which property includes a building <br /> and parking facilities, in which to locate its Skill Development Center (hereafter "the Project); <br /> and <br /> WHEREAS, the County of Orange desires to finance this purchase in an amount not to exceed <br /> $1.2 million by use of an installment contract authorized under North Carolina General Statute <br /> 160A, Article 3, Section 20; and <br /> WHEREAS, findings of fact by this governing body must be presented to enable the North <br /> Carolina Local Government Commission to make its findings of fact set forth in North Carolina <br /> General 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 sixteenth day of April, 1996, make the <br /> following findings of fact: <br /> 1. The proposed acquisition is necessary or expedient because: <br /> a. The Project will serve as a one stop center for services such as information, <br /> assessment, referral and training for citizens seeking access to these services to prepare them for <br /> and help them locate employment or higher paying employment. There is no similar facility in <br /> the County; and <br /> b. The location of the Project is ideal for the function it will provide. Its location on the <br /> Chapel Hill Transit and the County's OPT bus routes will make accessibility by public <br /> transportation convenient. <br /> c. The Project is in immediate proximity to the highest concentration of unemployment <br /> and poverty in all of Orange County; and <br /> d. The building which is part of the Project, as it presently stands,will require minimal <br /> 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 <br /> for a similar facility; and <br /> E The purchase of an existing building will allow services to the citizens of the County to <br /> 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 opportunity to purchase the Project is not one which will exist for an extended <br /> period of time. This method of contracting would be the most expeditious manner in which to <br /> raise cash to purchase the Project; <br /> b. The not-to-exceed amount of$1.2 million represented through this contract and <br /> imperative for the purchase of the Project cannot be prudently raised from currently available <br /> appropriations, unappropriated fund balances, or non-voted bonds. <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 <br />