LGC approves more than $600 million in municipal borrowing for construction, infrastructure projects

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LGC sept 14 meeting
The Sept. 14 LGC meeting

North Carolina’s Local Government Commission (LGC) has approved more than $600 million in municipal borrowing and $100 million in refinancing requests for a diversity of construction and infrastructure projects around the state.

At a Sept. 14 meeting, it unanimously approved Charlotte’s plan to borrow $125 million for police and fire stations and to fund other capital improvement projects.

The Charlotte Housing Authority also received unanimous approval to borrow more than $40 million in bonds for two multiple-family housing developments, The Center Square reported.

The LGC monitors the finances of more than 1,100 local government units. The commission also approves borrowing for the units after determining whether they can afford to repay the debt.

https://files.nc.gov/nctreasurer/documents/files/SLGFD/LGC/TheCommission/9-14-21_lgc-meeting-agenda.pdf

Charlotte plans to build three new police stations and a new fire station and to acquire land for future fire stations. “Its other projects include an animal care and control facility renovation, and the city also will buy a new fleet repair station,” Center Square reports. “The financing would not lead to a tax increase for city residents. The debt service will be paid from revenues to the Municipal Debt Service Fund.”

Meanwhile, Garner received a go-ahead to sell $69 million in general obligation bonds. More than $35 million will be allocated for new parks and greenways there, along with $24 million for new streets, bike lanes and sidewalks. A further $6.5 million would be applied for public safety facilities and $2.9 million would go for stormwater improvements

The LGC approved $37 million in Morrisville bonds for parks and recreation improvements, construction, transportation projects, new fire stations and other public safety improvements, and $13.5 million for parks and greenway work in Mount Holly.

Other financing requests approved by the LGC include:

  • Lincoln County: $20 million to build an emergency management building
  • Nash County: $16 million for a new detention center;
  • Shelby: $10 million for streets and sidewalks;
  • Vance County: $5.1 million for maintenance projects at multiple schools;
  • Dare County: $3 million to purchase land for an emergency management service station and youth center;
  • Brevard: $2.3 million to build a new community center building and parking lot;
  • Elizabethtown: $2 million for street repair and resurfacing.

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