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: October 12, 2026
RE:Title
Conduct a Public Hearing to consider the issuance of limited obligation bonds not to exceed $28,500,000 for the purpose of providing funds for the McArthur Road Sports Complex and Fire ApparatusTitle
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COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
The proposed financing supports the City’s priorities for comprehensive community safety and expanded parks and recreation opportunities for youth engagement. Fire apparatus investments support emergency response, while the McArthur Road Sports Complex would provide additional recreation facilities and opportunities for residents.
Executive Summary:
The proposed limited obligation bond financing provides up to $28.5 million for the McArthur Road Sports Complex, fire apparatus, and related financing costs. Current estimates are approximately $18.5 million for the sports complex and $8 million for fire apparatus; the final borrowing amount would reflect actual costs, available City funds, and financing expenses.
The proposed financing would use the existing property pledged under the City’s June 1, 2018, Deed of Trust. The City may also pledge some or all of the fire apparatus. No lien or security interest would be granted in the sports complex or its federally owned leased land.
The October 12 public hearing is to receive public comment before Council considers the findings and determinations and authorization of the Local Government Commission application.
Final Council approval of the financing agreements is scheduled for October 26, 2026.
Background:
The proposed financing under N.C.G.S. § 160A-20 provides funds for: (a) the acquisition, construction, and equipping of certain parks and recre...
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