TO: Mayor and Members of City Council
THRU: Jeffrey Yates, ICMA-CM, Assistant City Manager
FROM: Tiffany R. Murray, MBA, CLGFO - Chief Financial Officer
Charles Phillip Anthony B. Brioso - Financial Operations Manager
DATE: September 28, 2026
RE:Title
Receive the financial advisor’s update and adopt the preliminary findings resolution authorizing the filing of an application with the North Carolina Local Government Commission for the proposed limited obligation bond financing in an aggregate principal amount not to exceed $28,500,000. Title
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COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 1: Develop a comprehensive approach to community safety
Goal 5: Increase Parks and Recreation opportunities for youth engagement and interaction
Executive Summary:
City Council will receive an update from the City’s financial advisor regarding the proposed issuance of limited obligation bonds in an aggregate principal amount not to exceed $28,500,000. Following the update, Council will consider adoption of a preliminary findings resolution authorizing the filing of an application with the North Carolina Local Government Commission for approval of the proposed financing.
The proposed financing will provide funds, together with any other available funds, to: (1) finance the acquisition, construction and equipping of the McArthur Road Sports Complex; (2) reimburse the City and/or finance the costs of acquiring certain fire apparatus, consisting of two fire engines, one heavy rescue vehicle, two aerial ladder trucks and one pumper truck; and (3) pay related financing costs.
Current project estimates are approximately $18.5 million for the McArthur Road Sports Complex and $8 million for the fire apparatus. The final financing amount will be based on actual project costs, available City funds and issuance expenses, but will not exceed $28.5 million.
Background:
On June 22, 2026, City Council adopted the Fi...
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