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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No v27r4 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 4, 1993 <br /> SUBJECT: Swimming Pool Financing <br /> DEPARTMENT County Manager PUBLIC HEARING YES NO x <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> Proposed Resolution Rod Visser, ext 2300 <br /> Draft Agreement with TYHA Ted Abernathy, ext 2325 <br /> Additional Requested Background TELEPHONE NUMBER <br /> Information Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: The first purpose of this agenda item is to respond to <br /> questions and requests for information from the Board of Commissioners <br /> during the discussion of this item on September 21 . The second purpose <br /> relates to actions necessary by the Board of County Commissioners <br /> should the Board choose to proceed with the proposal from the Municipal <br /> Finance Group (MFG) . This action is in form of a draft resolution at <br /> Attachment C. <br /> BACKGROUND: At their regular meeting on August 4, 1993, the Board of <br /> Commissioners received a report on a proposal for financing a swimming <br /> pool to be located at the Meadowlands. The Board posed a number of <br /> questions and concerns about the County' s roles and responsibilities in <br /> such an arrangement. At the September 21, 1993 meeting, staff and <br /> representatives of MFG, Triangle Youth Hockey Association (TYHA) , and <br /> other interested parties provided the Board with additional information <br /> in response to the Board' s questions and concerns. Since that time, <br /> the staff has worked with the other parties involved to answer the <br /> questions from the Board that remain outstanding from the September 21 <br /> meeting. Additional background information requested is attached. <br /> The draft resolution to proceed with this project, if approved, would <br /> signal the County' s commitment to contributing $4 million over a 10 <br /> year period to TYHA. It is this assurance that MFG has indicated is <br /> necessary to line up the investors who will provide TYHA with the <br /> capital upfront to acquire the site and construct the TCAC facility. <br /> The final document, which would be substantially in the form of the <br /> draft agreement with TYHA (Attachment D) , would be brought back for <br /> formal approval at a subsequent meeting of the Board of Commissioners. <br /> Only the resolution, not the agreement, is presented for formal <br /> consideration by the Board at this October 4 meeting. <br /> The draft agreement includes the following major elements: <br /> * TYHA will construct and operate a swimming pool/ice rink facility at <br /> the Meadowlands, as described in the TCAC Business Plan that was <br /> prepared in February 1993 <br />