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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No VIDE-D <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 15, 1994 <br /> SUBJECT: Establish Public Hearing Date for New Elementary School <br /> Financing <br /> DEPARTMENT: County Manager/Attorney PUBLIC HEARING YES NO x <br /> ATTACHMENT(S) : INFORMATION CONTACT <br /> None Rod Visser, ext 2300 <br /> Geof Gledhill, 732-2196 <br /> TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To establish a public hearing date on matters related to the <br /> financing of the new Chapel Hill-Carrboro City Schools (CHCCS) <br /> elementary school. <br /> BACKGROUND: At the September 20, 1994 meeting, the Board of <br /> Commissioners approved the financing of up to $10.6 million for the <br /> construction of the new CHCCS elementary school, which will be situated <br /> on a portion of the CHCCS owned property also occupied by the new <br /> McDougle Middle School. Subsequent discussion between School and <br /> County staffs resulted in a plan to seek financing of $9.6 million, <br /> with the balance of the project funding to come from sales tax and <br /> impact fee revenue already budgeted in the current Capital Improvement <br /> Plan. <br /> County staff has disseminated Requests for Proposals for financing the <br /> new school construction to interested lenders, with proposals due to <br /> the County by November 18. County staff will review the proposals <br /> received and prepare a recommendation for a specific financing <br /> agreement, to be considered at the Board' s December 5 meeting. <br /> The North Carolina General Statutes require the Board of Commissioners <br /> to conduct public hearings on two elements associated with the planned <br /> installment purchase financing of the new school. The first subject is <br /> the proposed financing agreement itself (NCGS 160A-20 (g) ) . The second <br /> subject is the acquisition of CHCCS owned property by the County upon <br /> which the new school will be constructed (NCGS 153A-157 (a) ) . The <br /> Attorney and staff recommend that these two public hearings be <br /> conducted simultaneously at the December 5 meeting. The Attorney will <br /> prepare and cause publication of the required public hearing notice. <br />