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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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Agenda 10-01-19 Item 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $37,000,000 in Installment Purchase Financing for Various CIP Projects Including Refinancing County Debt
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9/26/2019 1:13:08 PM
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BOCC
Date
10/1/2019
Meeting Type
Regular Meeting
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Agenda
Agenda Item
6-a
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Agenda 10-01-19 Regular Board Meeting
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69 <br /> Meadowlands Emergency Operations Center. The Emergency Operations Center is a two-story <br /> building consisting of approximately 22,000 square feet on an approximately three-acre site located in the <br /> Meadowlands Office Park in Hillsborough, North Carolina. This facility serves as the headquarters for <br /> the County's Emergency Management Services, including Public Safety Answering Point and all other E- <br /> 911 operations. The County used a portion of the proceeds of the 2019A Bonds to finance certain repairs <br /> to the Emergency Operations Center necessary to address water intrusion. The County has owned this <br /> property since 2005. The County estimates the insured value of this building(not including the equipment <br /> associated with the building, which is generally not part of the Mortgaged Property) at approximately <br /> $4.6 million. <br /> Visitors Center. The Visitors Center is a two-story building consisting of approximately 7,400 <br /> square feet on an approximately 0.32-acre site located at 501 West Franklin Street in downtown Chapel <br /> Hill,North Carolina. The County has owned this property since 1997. The County estimates the insured <br /> value of this building (not including the equipment associated with the building, which is generally not <br /> part of the Mortgaged Property) at approximately$1.6 million. The real estate on which the building sits <br /> has a tax value, according to County tax records, of approximately $1.7 million for a total value of <br /> approximately$3.3 million. <br /> Link Center. The Link Center is located at 200 South Cameron Street in Hillsborough, North <br /> Carolina. The County used a portion of the proceeds of the 2019A Bonds to finance improvements to the <br /> Link Center. The County will use a portion of the proceeds of the 2019B Bonds to finance [repairs to the <br /> Link Center to remediate water intrusion]. The County estimates the value of this building(not including <br /> equipment,which is generally not part of the Mortgaged Property) at approximately$4.7 million. <br /> District Attorney's Building. The District Attorney's Building is located at 144 East Margaret <br /> Lane in Hillsborough,North Carolina. The County used a portion of the proceeds of the 2019A Bonds to <br /> finance certain repairs to the District Attorney's Building to remediate water intrusion. The County <br /> estimates the value of this building (not including equipment, which is generally not part of the <br /> Mortgaged Property)at approximately$1.3 million. <br /> Southern Campus. The County's Southern Campus is located at 2551 Homestead Road in Chapel <br /> Hill, North Carolina. The Southern Campus is the site of the County's Seymour Senior Center and the <br /> Southern Human Services Center. The County intends to construct and equip an expansion to the <br /> Seymour Senior Center with the proceeds of the 2019B Bonds, which expansion will include <br /> [ The County also intends to construct and equip additional parking spaces and <br /> improvements to the driveway and access road to the Southern Campus with the proceeds of the 2019B <br /> Bonds. The County estimates the value of the buildings located on the Southern Campus (not including <br /> equipment, which is generally not part of the Mortgaged Property) at approximately $[ ]. The real <br /> estate on which the Southern Campus sits has a tax value, according to County tax records, of <br /> approximately$[_] million for a total value of approximately$[_] million. <br /> Northern Campus Site. The County acquired approximately 21 acres of land off U.S. Highway 70 <br /> in the northern section of the County in April 2018 to be the site of a new "Northern Campus" for the <br /> County. There are no structures currently on this property. Over the next several years, the County plans <br /> to build several buildings on this site, including a new [144]-bed detention center, an agricultural and <br /> environmental center, and a parks and recreation administration building. The County will finance site <br /> preparation related to such planned buildings with the proceeds of the 2019B Bonds. Such buildings will <br /> become part of the collateral for the Bonds, but the County may borrow to finance those buildings such <br /> that the new debt will also be secured by such buildings and the remainder of the Mortgaged Property. <br /> The County paid approximately $394,500 for this property, and after providing for the rezoning of the <br /> property from an agricultural-residential classification to an institutional classification (to allow for the <br /> 13 <br />
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