Agenda - 11-19-1996 - 7a - Laserfiche WebLink

Browse Search

s t 1 Orange County Board of County Commissioners Action Agenda Item No Action Agenda Item Abstract Meeting Date: November 19, 1996 Subject: Southern Village Elementary School Financing and Land Acquisition Department Manager/Finance/Attorney Public Hearing Yes x No Budget Amendment Needed Yes No x Attachment(s) Information Contact OC Resolution (Excerpt from BOC Minutes) Rod Visser, ext 2300 11/1/96 CHCCS Attorney Memo w/CHCCS Ken Chavious, ext 2450 Resolution Adopted 11/7/96 Geof Gledhill, 732-2196 Proposed School Site Plan Telephone and Extension Number Preliminary Plat of School Site Hillsborough 732-8181 Recommended Financing Agreement Chapel Hill 968-4501 (under separate cover) Durham 688-7331 Mebane 227-2031 Purpose: To conduct a public hearing on the proposed financing for the new Southern Village Elementary School, and on the proposed acquisition of the school site from the Chapel Hill-Carrboro Board of Education; and to consider approving the proposed financing agreement. Background: The Board of Commissioners previously established the November 19 regular meeting as the time and place to conduct a dual-purpose public hearing related to the new Southern Village Elementary School. The first public hearing, required by North Carolina statute, concerns the proposed installment purchase financing agreement that will provide the funding for construction of the school. The second required public hearing concerns the acquisition of the school site by Orange County from the Chapel Hill-Carrboro City Schools (CHCCS). On November 7, 1996, the Chapel Hill-Carrboro Board of Education approved a resolution requesting that the Orange County Board of Commissioners acquire title to the school site. Under the proposed arrangement, the County would own the school site and the new school facility, thereby providing a security interest to the financial institution who will provide the financing. At a subsequent meeting, the Board of Commissioners would actually approve the school site acquisitiorr, and approve an agreement between the County and the Schools whereby the Board of Education would lease back the new school facility from the County for a nominal fee. The arrangement contemplated for the Southern Village Elementary School is similar to that entered into by the County and CHCCS regarding McDougle Elementary School.