North Carolina Construction News staff writer
The North Carolina Local Government Commission (LGC) has approved a series of financing requests from the city of Charlotte totaling nearly $1.5 billion, including major funding to support construction of a fourth runway at Charlotte Douglas International Airport.
The commission authorized the city to issue $215 million in revenue bonds for the new runway project, which airport officials say is needed to address growing capacity demands at one of the world’s busiest airports for takeoffs and landings. The LGC also approved $175 million in revenue bond anticipation notes for existing runway rehabilitation, terminal improvements and other airport-related projects.
Charlotte Douglas is currently ranked as the seventh-busiest airport in the world for aircraft movements, according to industry data. The runway expansion is part of long-term plans to accommodate future passenger growth and operational demand.
Charlotte’s additional financing approvals included:
- $530 million in revenue bond anticipation notes for water and sewer system expansions, infrastructure upgrades and equipment replacement;
- $505 million in revenue bonds to pay off a previous short-term bond anticipation note;
- $65 million in revenue bonds to refinance existing debt and achieve savings; and
- $9 million in revenue bonds to refinance transportation bonds under more favorable financing terms.
Charlotte Chief Financial Officer Matt Hastedt addressed the commission during the meeting regarding the airport runway expansion plans.
The LGC approved a plan from the town of Speed to voluntarily surrender its charter. The community of 63 residents, incorporated in 1901, has faced ongoing financial management compliance issues in recent years. Under the approved plan, municipal property and approximately $42,000 in cash assets will be transferred to Edgecombe County and the Speed Volunteer Fire Department. County officials intend to establish a “Historic Town of Speed Committee” to guide future use of the funds.
Commission members also received an update on fiscal recovery efforts in Rocky Mount after the city was warned last month that the LGC could assume control of its finances because of overspending and weak fiscal controls.
The town of Littleton updated the commission on overdue financial audits. Officials reported submission of the municipality’s 2020-21 audit earlier this month, though four additional audits remain outstanding. Town leaders also discussed the possibility of merging the local water and wastewater system with a larger utility provider.
Among other major approvals, the LGC authorized:
- $350 million in revenue bonds for N.C. Municipal Power Agency No. 1 to refinance debt related to improvements at Catawba Nuclear Station, generating an estimated $10.8 million in savings;
- $168.7 million in financing for the Raleigh Housing Authority to support multiple multifamily housing developments in Raleigh;
- $157.5 million for the city of Raleigh to relocate and expand Red Hat Amphitheater and expand the Raleigh Convention Center;
- $134.5 million for Johnston County to construct a new Clayton High School campus serving more than 2,000 students;
- $102 million for Henderson County to build a courthouse annex and renovate its existing courthouse complex;
- $51.1 million for Asheville to improve the Mills River Water Treatment Plant and other water infrastructure; and
- $14 million for Nags Head to fund beach nourishment and erosion protection work.