TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jay C. Toland, CMA - Chief Financial Officer/Assistant City Manager
DATE: March 28, 2022
RE:
Title
Public Hearing on a Proposed Installment Financing Agreement for a New Fire Station for the City, Resolution Making Certain Findings, and Request the Local Government Commission to Approve the Financing
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V: Financially Sound City Providing Exemplary City Services - Objective 5.1: Ensure strong financial management with fiduciary accountability and plan for the future resource sustainability by aligning resources with City priorities.
Executive Summary:
City Council will conduct the public hearing on an installment financing agreement in an amount not to exceed $9,000,000. The purpose of the financing will be to pay the costs of constructing and equipping a new fire station (Fire Station 4) for the City.
Background:
This public hearing has been set to receive comments on an Installment Financing Agreement to be entered into by the City pursuant to Section 160A-20 of the General Statutes of North Carolina in a principal amount not to exceed $9,000,000. The purpose of the financing is to provide funds to pay the costs of constructing and equipping a new fire station (Fire Station 4).
If the City enters into the proposed agreement, it will secure its obligations by executing and delivering a deed of trust granting a lien on the site of the new fire station, together with all improvements or fixtures located or to be located thereon, subject to permitted encumbrances.
Section 160A-20(g) of the General Statutes of North Carolina requires that the City hold a public hearing prior to entering into the agreement. A notice advertising the public hearing was published in the Fayetteville Observer on March 18, 2022.
Hold the Public Hearing
Findings and Determinat...
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