Greensboro Seeks State Approval to Finance $135 Million in Projects | Eastern North Carolina Now | Local Government Commission to Vote on Request and on $1.5 Billion in Other Financing Requests from Around State

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Press Release:

    (Raleigh, N.C.)     The city of Greensboro (Guilford County) is seeking Local Government Commission approval of a $135 million general obligation bond package that also will require approval of voters in a July 26 referendum as part of the city's general election.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer, will consider the request at its meeting on June 7. The commission has a statutory duty to monitor the financial well-being of more than 1,100 local government units. The commission also examines whether the amount of money units borrow is adequate and reasonable for proposed projects, and confirms the governmental units can reasonably afford to repay the debt.

    Voters will be able to approve all, some, or none of the five components of the Greensboro bond package, which includes $70 million for parks and recreation, $30 million for housing, $15 million for transportation, $14 million for firefighting facilities and $6 million for law enforcement facilities. A property tax increase of up to 1.25 cents per $100 of valuation is anticipated to pay for the bonds. The proposal has raised local debate due to the amount of money for parks and recreation compared to transportation and public safety.

    Greensboro also is seeking approval to refund $96 million in bonds at a lower interest rate to save $421,923.

    Buncombe County is asking the LGC to approve limited obligation bonds for $59 million for construction and repairs of county buildings and schools. In addition, a refunding for $81 million in bonds at lower interest rates. The transaction is expected to save $548,000 annually through 2034, and $63,000 for the remaining three years.

    The city of Durham (Durham County) will ask LGC members to approve $132 million in interim installment financing for capital projects including improvements to streets, parks and recreation, fire station, public safety, sidewalks, IT infrastructure and public works.

    Approval for $42 million in limited obligation bonds is being sought by Asheville (Buncombe County). The money would pay for various projects throughout the city, including affordable housing, public safety, transportation, infrastructure, parks and recreation, repair and construction of city facilities, and vehicle purchases.

    The North Carolina Housing Finance Agency will ask the LGC to approve $37.5 million in revenue bonds for acquisition, construction and equipping a 198-unit family apartment complex known as South Emerson Hills in Kannapolis (Cabarrus and Rowan counties).

    Inlivian, also known as the Charlotte Housing Authority (Mecklenburg County), is seeking approval for $26 million in financing to be loaned to Forest Park Family Apartments to acquire, build and equip a 200-unit, multifamily, rental housing complex. Inlivian also is asking for approval of $16 million in financing to loan to Johnston Oehler Seniors Apartments to acquire, build and equip a 140-unit, multifamily, rental housing development.

    New Hanover County is seeking a green light to issue $18.5 million in limited obligation bonds to acquire and build Hanover Pines Nature Park; make water and sewer line and road improvements to Blue Clay Business Park; renovate parks and recreation facilities; and purchase vehicles, among other projects.

    Johnston County plans to build a 63,000-square-foot public safety facility to house the Sheriff's Office and emergency management operations, and is asking the LGC to approve $17.5 million in limited obligation bonds.

    Cabarrus County plans to enter a public-private partnership to build a library and senior center in the western portion of the county, and is seeking approval of $15 million in financing for the project. The county will lease the building with the intention of purchasing it at a later date.

    Fayetteville (Cumberland County) is seeking LGC approval of $10.5 million in financing to build an 18,032-square-foot fire station, and relocate Fire Station #4 there.

    Jackson County plans to build an indoor swimming pool and aquatics center, and is asking the LGC to approve a $20 million bond to finance it.

    LGC members are being asked to approve a number of other financing requests. They are from:

   Phone: (919) 814-3820
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