TO: Town Council
FROM: Mayor Kevin Foy
SUBJECT: Resolution in Support of Self-Financing Bonds – Amendment One on the November 2, 2004 Ballot
DATE: September 7, 2004
The N.C. League of Municipalities (NCLM), in partnership with the N.C. Association of County Commissioners, ElectriCities of N.C., N.C. Citizens for Business and Industry, and many other groups have launched a State-wide campaign to educate voters on self-financing bonds and to win voter approval for Amendment One on November 2, 2004.
Self-financing bonds are an economic development tool that can be used to finance public improvements such as streets, water and sewer services, sidewalks and other public facilities in special development districts. Information received from the NCLM regarding Amendment One is provided as Attachment 1.
Approval of Amendment One would make it possible for the Council to consider using self-financing bonds as a part of the financial package for funding development on Parking Lots #2 and #5.
Attached for the Council’s consideration is a resolution in support of Amendment One, modeled after the sample resolution provided by the NCLM.
A RESOLUTION SUPPORTING APPROVAL OF AMENDMENT ONE ON NOVEMBER 2, 2004 STATE-WIDE BALLOT (2004-09-07/R-18)
WHEREAS, the Chapel Hill Town Council believes that a strong economy is the best engine for reinvigorating social and educational progress in North Carolina; and
WHEREAS, self-financing bonds will have a positive impact on creating new jobs and strengthening the tax base in our communities for public services; and
WHEREAS, these bonds will give local governments flexibility to pursue multiple types of economic development projects including redevelopment of existing industrial and Brownfield sites, affordable housing, and community revitalization; and
WHEREAS, North Carolina is one of only two states in the nation that do not have this economic development tool; and
WHEREAS, these bonds can be used throughout the State; and
WHEREAS, self-financing development bonds have received wide-ranging bi-partisan support from the General Assembly as well as municipal, county and State government and Governors Holshouser, Martin and Hunt; and
WHEREAS, North Carolina will have some of the strongest safeguards in the country to ensure self-financing bonds are used for good purposes; and
WHEREAS, these self-financing bonds will not require any increases of tax rates; and
WHEREAS, these bonds are subject to voter approval of Amendment One on the November 2, 2004 ballot and deserve rightful consideration by the citizens of the State;
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council supports approval of Amendment One and pledges to educate and inform its members and citizens of the State about its importance to jobs and progress in North Carolina.
This the 7th day of September, 2004.