Agenda - 02-18-2014 - 6a - Laserfiche WebLink

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I Average debt service over 5 years totals $776,537 2 3 Clarence Grier said the average debt service would be $803,098 over the term of the 4 installment financing periods. 5 He said the installment financing method requires that the mortgage be for the property, 6 school, land and buildings. He said this means the County must own the Culbreth Middle 7 School and the proposed science wing. He said the Chapel Hill- Carrboro City Schools 8 (CHCCS) have agreed to transfer the property to the County for financing with a lease back 9 agreement of $1 per year until the end of the 15 year term when the property will revert back to 10 CHCCS. 11 Clarence Grier said the state law said such a transfer can occur only after a public 12 hearing. 13 Commissioner Gordon noted that the only difference between this item on the consent 14 agenda and on the public hearing is the requirement of a public hearing on the transfer of the 15 buildings and related real estate from CHCCS to Orange County for the 15 year term, to 16 facilitate the financing of the new science wing at the school. 17 Clarence Grier said that is correct. 18 19 A motion was made by Commissioner Gordon, seconded by Commissioner Price to 20 close the public hearing. 21 22 VOTE: UNANIMOUS 23 24 A motion was made by Commissioner Gordon, seconded by Commissioner Rich to 25 adopt the final financing resolution authorizing the issue of $10,500,000 of installment financing 26 to finance various County and School Capital Investment Plan Projects and County equipment, 27 including the proposed transfer of Culbreth Middle School, including the buildings and the 28 related real estate, from the Chapel Hill - Carrboro City Schools to Orange County for a 15 year 29 term, to facilitate the financing of a new science wing at the school; and adopting the final 30 financing resolution authorizing the issue of $10,500,000 of installment financing to finance 31 various County and School Capital Investment Plan Projects and County equipment. 32 33 VOTE: UNANIMOUS 34 35 Commissioner Gordon expressed her appreciation for the Board's approval of these 36 projects, especially the Culbreth Science Wing. She said this will allow the students at Culbreth 37 Middle School to have science instruction that is appropriate for the 21St century. 38 Chair Jacobs said he would like to figure out a way to investigate which banks the Board 39 should or should not do business with, based on the relationship of the business with the 40 community. He said if lenders are discriminatory or dishonest in their practices, the County 41 should not do business with them. 42 Commissioner Dorosin said every bank gets a Community Reinvestment Act rating that 43 is available to the public. He said there is an organization called Community Reinvestment 44 Association NC (CRANC), that does all of the research for this. He said this would be a good 45 place to start. 46 Clarence Grier said he would follow up on this. 47 48 6. Consent Agenda 49 Removal of Any Items from Consent Agenda