AGENDA #12

 

MEMORANDUM

 

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 7^th day of September, 2004.