New Wayne County Jail Construction on Local Government Commission Agenda | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     Wayne County wants to build an additional jail facility to connect with the existing jail annex and will come before the Local Government Commission (LGC) on Tuesday, Feb. 7, seeking approval of $55 million in financing.

    The new 62,090-square-foot building would hold 220 beds and be built in the parking lot of the existing jail, which is about 30 years old and in deteriorating condition. Debt service on the bank loan would be paid through the General Fund and no tax increase is anticipated.

    The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by the Department of State Treasurer (DST), has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission 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. It also monitors the financial well-being of more than 1,100 local government units.

    Also on the agenda for Tuesday's meeting is a request from Rowan County for approval of a $28.6 million bank loan to renovate and convert a portion of the county-owned West End Plaza mall into a 1,000-seat meeting room with associated conference rooms, storage and a warming kitchen. Prior tenant spaces in what once was known as the Salisbury Mall will be converted to use as agricultural center offices. The county bought the property 10 years ago for $3.4 million. Limited obligation bonds

    Nags Head (Dare County) town officials are requesting LGC members to green light $19.9 million in limited obligation bonds to build a new public services complex, update manually read residential and commercial water meters with smart meters. A tax increase of 4 cents per $100 of property valuation is expected. Limited obligation bonds are issued for revenue-producing projects.

    The town of Kernersville (Forsyth County) is on the agenda for a $17.75 million financing agreement to build a 52,430-square-foot recreation and events center, and for paving improvements on town-owned roads. No tax increase is anticipated.

    The Yadkin Valley Sewer Authority (Surry and Wilkes counties) is asking the LGC to sign off on $512,076 in a State Revolving Fund loan to purchase new backup generators for four sewer pump stations. The standby equipment is needed for reliability during the loss of power supply due to windstorms, hurricanes, earthquakes and other natural disasters. Future revenues are expected to cover the cost of operations and debt service.

    The Durham Housing Authority and Inlivian (Mecklenburg County, formerly known as the Charlotte Housing Authority) are seeking the OK for conduit revenue bonds to provide affordable housing. This type of municipal bond is sold by a government unit for the purpose of channeling proceeds to a private entity to provide a public purpose.

    Inlivian would use $30 million as a loan to Charlotte Leased Housing Associates to acquire, build and equip 150 units in a multifamily rental housing development to be known as Creekridge on the Park Apartments. Unit rents will be restricted to families making 60% or less of the area's median income.

    The Durham Housing Authority would use $22.73 million to acquire, build and equip a 180-unit multifamily rental housing development to be known as Cedar Trace. Rent restrictions limit occupancy to families earning either 60% or 30% of the area's median income.

    What: Local Government Commission February meeting

    When: Tuesday, Feb. 7 at 1:30 PM

    Where: Department of State Treasurer, 3200 Atlantic Ave., Raleigh

    Online: GoTo Webinar

    https://attendee.gotowebinar.com/register/9188406895959663189


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