Stanly County Wants Financing OK to Build Community College Facility | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     Stanly County is requesting approval from the Local Government Commission (LGC) for $11.4 million in private financing to erect an educational trades facility on the Stanly Community College campus.

    Stanly Community College, which serves about 10,000 continuing education, curriculum, and basic skills students, needs classroom space for several disciplines, including such fields as training in heavy equipment operations, electronics, building trades, welding and machining. The money will come through an installment purchase contract that allows the county to make partial payments over time. No tax increase is anticipated.

    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 Tuesday, July 12. 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.

    LGC members are being asked to approve a host of other financing requests on the agenda including up to $2 million for a police station in Boiling Spring Lakes (Brunswick County). The town has grown from 245 residents in 1970 to about 6,000 currently, and is served by a Police Department of 16 full-time and five part-time personnel when fully staffed. The town wants to use the money to purchase and renovate a 2,617-square-foot former bank building and build a 2,500-square-foot addition for the police headquarters.

    The towns of Henderson (Vance County) and Oxford (Granville County) and Warren County are requesting approval for revolving loans of nearly $32 million, $5.5 million, and $2 million, respectively, to upgrade the Kerr Lake Regional Water System's water treatment plant. The improvements will increase treatment capacity from 13.97 million gallons to 20 million gallons daily. The regional water system serves portions of Vance, Granville, Warren and Franklin counties. Henderson, Oxford and Warren County are the system's three bulk customers.

    The Henderson County Hospital Corporation, which operates the Margaret R. Pardee Memorial Hospital in Hendersonville (Henderson County), is asking the LGC to approve up to $14.1 million in hospital revenue bonds to pay back the corporation for a variety of projects that are already completed. Those include acquisition of equipment and buildings and capital improvement projects.

    CarolinaEast Health System headquartered in New Bern (Craven County) is seeking LGC approval to issue $52.3 million in bonds to refund the outstanding principal on a 2016 bond that paid for construction, expansion and renovation. The system's flagship is the 350-bed CarolinaEast Medical Center, but it also operates diagnostic and surgery centers.

    Inlivian, formerly known as the Charlotte Housing Authority (Mecklenburg County), is seeking a green light for up to $19.5 million in bonds to be loaned to West Boulevard Historic Preservation LLC. The money will finance a portion of the cost to acquire, build and equip a multifamily rental housing development comprising 60 one-bed and 60 two-bed units for seniors to be known as Historic Nathaniel Carr Senior Community.

    Inlivian also is asking the LGC to approve a $5 million increase to a previous $23 million bond for construction of Sugar Creek apartments, and a switch to a different funding source for $20.8 million for the Union at Tryon project. Increased costs and interest rates are the catalyst for those revisions.




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   Email: press@nctreasurer.com
   Phone: (919) 814-3820