Commissioners set public hearings for April 15
The Cabarrus County Board of Commissioners set public hearings for economic development investments and charter school revenue and refunding bonds.
The hearings will take place in the Board of Commissioners' Meeting Room, located on the second floor of the Cabarrus County Governmental Center, 65 Church Street SE, Concord.
The official public notice of the April 15 hearings read:
BOARD OF COMMISSIONERS
NOTICE OF PUBLIC HEARING
APRIL 15, 2019– 6:30 P.M.
ECONOMIC DEVELOPMENT INVESTMENT
Notice is hereby given that the Cabarrus County Board of Commissioners will hold a public hearing at 6:30 p.m. (or as soon thereafter as persons may be heard) on Monday, April 15, 2019, in the Board of Commissioners’ Meeting Room, located on the second floor of the Cabarrus County Governmental Center, 65 Church Street SE, Concord, to consider an economic development investment with the Town of Harrisburg and Rocky River Road Associates LLC. The Project is a mixed use development with a projected total investment in Cabarrus County of approximately $131 million in real property. A reimbursement agreement for public roadway infrastructure improvements through synthetic tax increment financing is requested. The cost of those road improvements will be calculated at no more than $6 million for purposes of the agreement with an assumed annual interest rate of 5%. The proposed draft agreement will be available for inspection in the Office of the Clerk to the Board at the Governmental Center.
If reasonable accommodations are needed, please contact the ADA Coordinator at 704-920-2100 at least 48 hours prior to the public hearing.
Lauren Linker, Clerk to the Board
Posted April 3, 2019
BOARD OF COMMISSIONERS
NOTICE OF PUBLIC HEARING
APRIL 15, 2019, 2018– 6:30 P.M.
CHARTER SCHOOL REVENUE AND REFUNDING BONDS
Notice is hereby given that on April 15, 2019, a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), will be held by the Board of Commissioners of the County of Cabarrus, North Carolina (the "Board") with respect to the proposed issuance by the Public Finance Authority (the "Authority"), a commission organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended (the “Act”), of its Charter School Revenue and Refunding Bonds (A.C.E. Academy Project), in one or more series (the "Bonds"), in an amount not to exceed $7,000,000. The hearing will commence at 6:30 p.m., or as soon thereafter as the matter can be heard, and will be held in the Commissioners Meeting Room, Cabarrus County Governmental Center, 65 Church Street S., Concord, North Carolina 28025.
The Bonds are expected to be issued pursuant to the Act by the Authority, and the proceeds from the sale of the Bonds will be loaned to A.C.E. Academy Foundation, LLC (the "Borrower"), a North Carolina limited liability company, of which A.C.E. Academy (the "School"), a North Carolina nonprofit corporation and an organization described in Section 501(c)(3) of the Code, is the sole member, and used for the purpose of financing and refinancing (a) the acquisition of an educational facility located at 7807 Caldwell Road, Harrisburg, Cabarrus County, North Carolina 28075 (the “Facility”) and (b) the acquisition, construction, and equipping of certain capital improvements to the Facility, including without limitation, a gymnasium (collectively, the “Project”), in each case to be owned by the Borrower and leased to and operated by the School.
The Bonds will be special limited obligations of the Authority payable solely from the loan repayments to be made by the Borrower to the Authority, and certain funds and accounts established by the bond indenture for the Bonds. Neither the County, the State of North Carolina nor any political subdivision thereof will have any liability whatsoever for the repayment of the Bonds.
The public hearing will provide an opportunity for all interested persons to express their views, both orally and in writing, on the proposed issuance of the Bonds and the financing and refinancing of the Project. Any person interested in the issuance of the Bonds may appear and be heard or submit written comments. Any person wishing to submit written comments regarding the proposed issuance of the Bonds, the financing and refinancing of the Project or any matter related thereto should do so within 10 days after the date of publication of this notice by mailing such written comments to the Board of Commissioners, c/o Clerk to the Board of Commissioners of the County of Cabarrus, North Carolina, Cabarrus County Governmental Center, 65 Church Street S., Concord, North Carolina 28025. This notice is given pursuant to the provisions of Section 147 of the Code. Additional information concerning the Project may be obtained from the School at 7807 Caldwell Road, Harrisburg, Cabarrus County, North Carolina 28075.
Clerk to the Board of Commissioners
County of Cabarrus, North Carolina
Posted April 2, 2019