Fuquay-Varina Seeks Financing Approval for Projects Related to Growth Spurt | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.) - The town of Fuquay-Varina, which has nearly doubled in size since 2010, is seeking approval of the Local Government Commission (LGC) for $38.5 million in general obligation bonds. The money would be used for parks and recreation and transportation projects to accommodate the growth.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer, will consider that and a number of other requests on the agenda when it meets today, Tuesday, April 5.

    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.

    Fuquay-Varina's population was 17,937 in 2010, according to the U.S. Census. Today the Wake County town's population is estimated at 33,885, a growth rate of about 89%. Due to the expanding population, $20 million is needed to build, reconstruct, widen and improve streets and sidewalks. Traffic lanes, medians and intersection improvements will be added. Streets will be realigned and relocated to relieve traffic congestion and improve safety. The remaining $18.5 million would be used to acquire, construct, improve and expand park and recreation facilities. A new community center/adult activity center would be built in an existing park. A property tax rate increase of up to 5.5 cents per $1,000 is expected to pay for the work.

    The LGC will consider an application by the Housing Authority of the City of Durham (Durham County) for $19 million in multifamily housing revenue bonds. The money would be loaned to JFK Towers to finance part of the cost of acquiring, rehabilitating and equipping 177 units on Old Farm Road. The seven-story affordable housing development serves elderly and disabled residents.

    The North Carolina Housing Finance Agency also is seeking approval for revenue bonds for multifamily housing. The $6 million in financing would be used by Five Points Crossing to acquire, build, improve and equip a 50-unit affordable housing apartment complex in Rocky Mount (Nash and Edgecombe counties).

    The city of High Point (Guilford County) has three items on the agenda. They are asking the LGC to approve $5.3 million in general obligation bonds for improvements to recreation facilities at City Lake. Those include renovations to the pool, gym, office space and outdoor facilities, and accessibility improvements. No tax increase is anticipated.

    High Point also is seeking approval for $40 million in revenue bonds for water and sewer capital improvements necessary to provide for continued growth in the city.

    High Point officials also want the LGC to approve a request to refund $20 million in general obligation bonds to capture lower interest rates. Savings are calculated at $333,110.

    The town of Carolina Beach (New Hanover County) wants to purchase the 300-acre Freeman Park to use as open space. It is asking the LGC to approve a $3.25 million installment contract to buy the property, which appraised at $9.2 million. An installment contract allows the buyer to make payments over time instead of all at once. No tax increase is expected.

    The Clinton City Board of Education (Sampson County) is asking the LGC to green light a $2.67 million installment purchase of a guaranteed energy savings contract that includes installation of energy conservation measures including a solar array, metal roofing and equipment installations and upgrades.

    Stanly County is seeking approval of a $1.4 million installment contract to replace the Liberty Hill booster pump station. It will accommodate increased water demands due to the relocation of Charlotte Pipe and Foundry near Oakboro.

    Ashe County is seeking LGC approval for a $1.36 million installment contract for infrastructure work at the Ashe County Industrial Park to accommodate increased economic development. No tax increase is expected.

    The LGC is being asked to approve a request from Morrisville (Wake County) for $1.1 million in general obligation bonds to pay for new public safety radio equipment and for cost overruns at the Harris Mill Road Fire Station project. No tax increase is expected.

    LGC members are being asked to approve several revolving loan requests. They are:

• Laurinburg (Scotland County), $4.5 million, to replace obsolete water lines and install new hydrants.
• Beech Mountain (Avery and Watauga counties), $2.9 million, to replace leaking water pipes and install 23 new hydrants. Water loss currently is estimated to be 62% of water produced at the treatment plant.
• Beech Mountain, $2.87 million, to replace and repair sewage lines that are over 40 years old and repair 194 manholes.
• Henderson (Vance County), $2.5 million, to rehabilitate sanitary sewer lines and 103 manholes to alleviate chronic sanitary sewer overflows.
• Selma (Johnston County), $2.5 million, to relocate the Brack Wilson Park pump station above the 100-year flood plain and to make equipment repairs to decrease operational costs and fees paid to Johnston County due to large inflow of water into lines after rainfall.
• Burnsville (Yancey County), $1 million, for water treatment plant improvements to correct discharges of chlorine and solids that exceed limits.
• Kinston (Lenoir County), $385,150, to replace water lines and 14 hydrants at the N.C. Global Transpark. The project will increase water pressure to address customer complaints and to accommodate economic development.

    What: Local Government Commission April remote meeting

    When: Tuesday, April 5 at 1:30 PM

    How: GoTo Webinar

    https://attendee.gotowebinar.com/register/4808080107325136912


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