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2 <br /> The Plan outlines that the county could finance $4 million over a ten year <br /> period, and that those payments of $400, 000 per year for ten years would <br /> be wholly earmarked for the Center's debt service. The TCAC (including <br /> the pool) would be operated by a non-profit corporation (Triangle Youth <br /> Hockey Association) which would be entirely responsible for the debt <br /> service retirement. At the end of the ten-year period, the County would <br /> have no further financial obligation, but would continue to enjoy <br /> scheduling priority for the community at-large (Schools and the Recreation <br /> and Parks Department programs. ) <br /> Mr. Barry Phillips of the SBTDC wrote the Plan and will attend the meeting <br /> to answer questions. <br /> RECOMMENDATION(8) : <br /> Staff has explored financing a $2 .5 million pool by bonds and by lease <br /> purchase. The total principle and interest payments based on 7% over a 20 <br /> year period would equal $4 . 34 million. Therefore the plan proposed by <br /> SBTDC represents a reasonable approach to constructing a pool for Central <br /> Orange County. In order to pursue productive discussions with the banking <br /> community to develop a viable financing plan, the Manager recommends that <br /> the Board of County Commissioners approve the attached resolution and <br /> authorize the Chair to sign. <br />