Agenda - 03-26-2015 - Agenda - Laserfiche WebLink

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M The Town is also working on an installment financing that includes Town Hall renovations and public improvements (streets and stormwater) in the Ephesus Fordham renewal area. The Ephesus Fordham portion of the financing is structured as a "synthetic tax increment financing" with the incremental increase in property taxes used to pay debt service for the public improvements. The total amount for the combined financing is about $11.7 million. The Town is also contemplating the issuance of up to $1.7 million in two - thirds bonds in the current fiscal year to pay for public safety equipment and improvements to public facilities. Staff will provide any other information at the meeting, and the governing boards can discuss issues related to this item as necessary. No Attachments b) Potential November 2016 Orange County Bond Referendum In several meetings during the past year, the Board of Commissioners has discussed the possible scheduling of a bond referendum to address County and School capital needs. A large part of the incentive for going forward with a potential General Obligation bond referendum is the repair, renovation, and upgrading of existing older school facilities. Both school systems have completed facilities assessments of their older schools, and reflect needs totaling approximately $330 million. At the Board's January 30, 2015 Retreat, the Board directed staff to develop materials for Board consideration regarding the Board formally expressing its intent to schedule a November 2016 Bond Referendum, including a total bond package amount of approximately $125 million. The Board also directed staff to move forward with the development of a process for a November 2016 Bond Referendum similar to the process utilized during the County's 2001 Bond Referendum. As was the case in 2001, the Board may wish to consider retaining the services of an external facilitator to assist the Capital Needs Advisory Task Force. The Task Force could receive assistance from the Dispute Settlement Center, the UNC School of Government or other resources that may be worthwhile again for the 2016 process. At the March 3, 2015 Regular meeting, the Board discussed its intent to schedule a November 2016 Bond Referendum to address County and School capital needs; discussed the proposed creation of, structure, and charge for a proposed Capital Needs Advisory Task Force; and discussed the potential needs for the services of a qualified facilitator for the Task Force. The Board requested additional information from staff and the two school systems for continued discussion at a future meeting. Based on an initial staff suggested timeframe, the Board could likely appoint Task Force members at an April 2015 regular Board meeting. This would permit the Task Force to hold its initial meeting in May and continue meeting in May, June and through the summer break. Staff's initial proposal is that the Task Force be directed to complete its work and provide its recommendations to the Board of Commissioners by October 6, 2015, if not before. The Board would then consider