Agenda - 11-16-1993 - VIII-A (2)

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No i ACTION AGENDA ITEM ABSTRACT Meeting Date: November 16, 1993 SUBJECT: Swimming Pool Financing DEPARTMENT County Manager PUBLIC HEARING YES NO X ATTACHMENT(S) INFORMATION CONTACT Resolution Rod Visser, ext 2300 Facilities/Services Agreement TELEPHONE NUMBER Operating Memorandum Hillsborough 732-8181 Indenture of Trust Chapel Hill 968-4501 Deed of Trust Mebane 227-2031 Durham 688-7331 PURPOSE: To consider a resolution approving a Facilities/Services Agreement, and related documents, between Orange County and the Orange County Community Activity Corporation. BACKGROUND: At the October 4, 1993 meeting, the Board of Commissioners approved the County' s participation in a "63-20" financing arrangement whereby the Orange County Community Activity Corporation (previously known as the Triangle Youth Hockey Association) will issue bonds for the construction of a swimming pool/ice rink facility to be located at the Meadowlands. The facility will be owned and operated by the Corporation. Under terms of the draft agreement approved by the Board, the County will make an annual appropriation of $400,000 for ten years to the Corporation. When all debt on the facility has been paid off by the Corporation, within 15 years, title to the facility will pass to Orange County. If adopted by the Board of Commissioners, the attached resolution will authorize the County Manager and/or his designees to carry out all actions necessary to implement the facilities/services agreement and related documents. The attached agreement, which will take effect on December 1, 1993, is in substantially the form that was reviewed and approved by the Board on October 4. Minor corrections and clarifications have been made as a result of review by staff and attorneys for all parties. RECOMMENDATION: The Manager recommends that the Board approve the resolution.