Orange County NC Website
Browse       Search
oxD-2o26 -008� lo -a � l.�la �l� <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date : April 21 , 2026 <br /> Action Agenda <br /> Item No . 6- a <br /> SUBJECT : Resolution Authorizing Loan to Orange Grove Fire District for Fire Station <br /> Improvements as Part of FY 2025 -26 Spring Financing and Approval of Budget <br /> Amendment #9 -A <br /> DEPARTMENT : Finance and Administrative <br /> Services <br /> ATTACHMENT(S ) : INFORMATION CONTACT : <br /> Resolution Gary Donaldson , 919 -245-2453 <br /> Promissory Note Bob Jessup , 919 - 933 -9891 <br /> Bond Request Revision Letter <br /> Year-To - Date Budget Summary <br /> OGFD Chief Response to Residents ' <br /> Questions <br /> NONNNINK <br /> NOTE: This item was tabled at the April 7, 2026 Business meeting for discussion at this April 21 , <br /> 2026 Business meeting. <br /> PURPOSE : To approve a resolution authorizing a loan to the Orange Grove Fire District in the <br /> amount of $ 1 . 7 million for capital improvements to Fire Station #2 and approve Budget <br /> Amendment #9 -A . The County will in turn include the loan amount in its FY 2025 -26 Spring <br /> Financing amount . <br /> BACKGROUND : Orange Grove Fire District , Inc . ( OGFD ) has requested financial assistance to <br /> support renovations and upgrades to Rocky Ridge Fire Station #2 within the Orange Grove Fire <br /> District . The project will convert the existing facility from a garage structure into a fully functioning <br /> fire station with living quarters , office space , and kitchen facilities to support long -term emergency <br /> service delivery in the district . The estimated project cost is approximately $ 1 . 7 million . <br /> To facilitate the project , staff proposes that Orange County provide a loan in the amount of <br /> $ 1 , 700 , 000 to OGFD . The loan will be evidenced by a promissory note and repaid through annual <br /> payments of principal and interest due each January 15 beginning in 2027 , with final maturity no <br /> later than January 151 2047s <br /> Schedule I of the Promissory Note references the OGFD debt service schedule through final <br /> maturity . It is important to note that the debt service schedule uses a planning rate of 5 % . ( Note : <br /> The 5 % planning rate is subject to the final bond pricing rate . The final interest rate will be updated <br /> in the signed Promissory Note . ) <br />