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1 <br /> O R A N G E C O U N T Y <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: AUGUST 4 , 1993 <br /> Action Agenda <br /> Item # VI -'B <br /> SUBJECT: SWIMMING POOL FINANCING PROPOSAL <br /> DEPARTMENT: COUNTY MANAGER PUBLIC HEARING: Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: <br /> RESOLUTION MANAGER'S OFFICE, EXTENSION 2300 <br /> PROPOSAL (UNDER SEPARATE COVER) TELEPHONE NUMBERS: <br /> Hillsborough - 732-8181 <br /> Durham - 688-7331 <br /> Mebane - 227-2031 <br /> Chapel Hill - 967-9251/968-4501 <br /> PURPOSE: To receive a report on a proposal by the Municipal <br /> Financial Group, Inc. in association with the Triangle <br /> Youth Hockey Association to finance a swimming pool <br /> and to consider adopting a resolution authorizing the <br /> County Manager, County Finance Director and County <br /> Attorney to proceed with negotiations with the above- <br /> referenced parties to complete agreements for the <br /> Board of County Commissioners ' consideration. <br /> BACKGROUND: In earlier reports to the Board, staff indicated that <br /> efforts were on-going to procure an acceptable <br /> financing plan for the construction and operation of a <br /> County public swimming pool. The BOCC identified a <br /> $1. 5 million reserve fund for a public swimming pool <br /> in the Adopted FY93-98 Capital Improvements Plan. <br /> $100, 000 has already been set aside, with planned <br /> allocations of $200, 000 in 1994-95 and $400, 000 <br /> in each of the next three years. Board members <br /> earlier expressed concerns about the County's <br /> contributions to the operational cost of a pool . <br /> Under the proposed Financial Plan, the County's <br /> contribution by contract would be a capital investment <br /> of $4, 000, 000 over ten years with the remaining <br /> capital costs and annual operating costs incurred by <br /> the Triangle Youth Hockey <br /> Association, Inc. <br /> As indicated in the proposal, the financing mechanism <br /> would be the use of a "63-20" Corporation Financing <br />