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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 20, 2005 <br />Action Agenda <br />Item No. -q <br />SUBJECT• Update on Planned Acquisition of Triangle SportsPlex Property <br />DEPARTMENT: Manager/Attorney/Finance/ PUBLIC HEARING: (Y/N) No <br />Purchasing <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Public Hearing Notice Rod Visser, 245-2300 <br />Financing Resolution Geof Gledhill, 732-2196 <br />Major Elements of Proposed Facility Ken Chavious, 245-2453 <br />Management Contract Pam Janes, 245 2652 <br />PURPOSE: To review progress related to several aspects of the planned acquisition of the <br />Triangle SportsPlex property and to take several actions associated with the financing of that <br />acquisition. <br />BACKGROUND: The Board of Commissioners received status reports and made several <br />decisions at its August 16, 2005 and September 7, 2005 regular meetings regarding the <br />planned acquisition of the Triangle SportsPlex property. The County's interests relate not only <br />to recreation opportunities, but also to a plan to construct the new Central Orange Senior <br />Center in conjunction with an expansion of the SportsPlex. The SportsPlex is an 82,000 square <br />foot facility in the Meadowlands Business Park in Hillsborough that provides a regulation ice <br />rink, three swimming pools, fitness equipment, and other recreation amenities, The County <br />operates a small senior center in rented space on property immediately adjacent to the <br />SportsPlex property, At this September 20 meeting, there are two major aspects of the project <br />that require BOCC action and/or review. <br />Financing of the SportsPlex Acquisition <br />Orange County plans to finance the acquisition of the SportsPlex through third-party financing <br />that is scheduled to be reviewed by the North Carolina Local Government Commission (LGC) at <br />its meeting on November 1, 2005, Orange County's Bond Counsel has developed the <br />accompanying "findings" resolution on the SportsPlex project that will be part of the application <br />to the LGC. Staff request that the BOCC adopt this resolution at this September 20 meeting to <br />accomplish several purposes: <br />make the "findings of fact" that the LGC requires in support of the County's upcoming <br />application to the LGC far financing approval; <br />• authorize County staff to pursue the LGC application process; <br />authorize County staff to solicit financing proposals; <br />direct staff to arrange for a public hearing on the proposed financing at the Board's <br />October 18, 2005 meeting; and <br />