North Carolina Construction News staff writer
The Local Government Commission approved a $200 million bond anticipation note request from the Centennial Authority to continue renovations and upgrades at Raleigh’s Lenovo Center, a project aimed at modernizing the arena and expanding its sports and entertainment offerings.
The commission also approved $109 million in revenue bonds to provide permanent financing and retire an interim bond anticipation note issued in 2024 for the first phase of construction and improvements at the venue.
The Lenovo Center investment is intended to enhance the public facility, add new amenities and strengthen its ability to attract a wider range of events.
The Local Government Commission, chaired by State Treasurer Brad Briner, reviews most debt issued by local governments and public authorities in North Carolina. The commission evaluates whether borrowing requests are reasonable and whether local governments can afford repayment while monitoring the financial health of more than 1,100 governmental units statewide.
Rocky Mount officials also appeared before the commission to provide a monthly financial update as the city approaches the end of its fiscal year. The city has faced cash flow concerns, prompting increased oversight by the commission.
Commission members received an update on savings generated by a resolution adopted in July 2024 that streamlined approval of qualifying refunding bonds. Since the measure took effect, cities and counties across North Carolina have saved more than $14 million in debt service costs.
The commission also approved $200 million in limited obligation bonds for Cabarrus County to help finance construction of a new high school and elementary school. County officials cited continued enrollment growth as the need for the projects.
Among other actions, the commission approved:
- $40 million in limited obligation bonds for infrastructure repairs and upgrades in Asheville.
- A $13.8 million state revolving loan for the Cape Fear Public Utility Authority to install new water mains.
- $45 million in conduit revenue bonds through the North Carolina Medical Care Commission to acquire assisted living and memory care facilities in Onslow, Chowan and Martin counties.
- $56.5 million in limited obligation bonds for beach renourishment projects in Dare County.
- $58 million in limited obligation bonds for a new health department building in Robeson County.
- $220 million in revenue bonds for water and wastewater projects in Greensboro.
During discussion of Greensboro’s request, commission members noted the city’s fiscal year 2024-25 audit identified several Financial Performance Indicators of Concern, including a fund balance below the commission’s benchmark for a municipality of its size.
The meeting’s approvals authorized financing for projects ranging from schools and housing developments to utility systems, transportation infrastructure and public facilities across the state.