State approves $ 600 million loan for municipalities in North Carolina
Charlotte is set to borrow more than $ 100 million for public safety and housing development projects.
The North Carolina Local Government Commission (LGC) on Tuesday unanimously approved Charlotte’s plan to borrow nearly $ 125 million for police and fire stations, a police helicopter 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 multi-family housing projects.
The LGC, which is chaired by State Treasurer Dale Folwell, and comprised of State Department Treasurer, is responsible for overseeing the finances of more than 1,100 local government units. The commission also approves loans for the units after determining whether they can afford to repay the debt. The commission on Tuesday approved nearly $ 600 million in refinancing requests.
Charlotte plans to build three new police stations and a new fire station and acquire land for future fire stations. Its other plans include renovating an animal care and control facility, and the city will also purchase a new fleet repair station. The funding would not result in a tax increase for city residents. Debt service will be paid from the revenues of the Municipal Debt Service Fund.
Residents of Garner will see an increase in the property tax rate of up to 2 cents per $ 100 of assessment under a fundraising plan approved by the LGC on Tuesday. The commission gave the green light to Garner’s plan to sell $ 69 million in general bonds.
More than $ 35 million would be spent on new parks and greenways and on improving existing ones. An additional $ 24 million would be used for new streets, bike paths and sidewalks, and $ 6.5 million would fund the construction and expansion of public safety facilities. The remaining $ 2.9 million would go to improving stormwater.
Morrisville homeowners will see a property tax increase of up to 3 cents per $ 100 of assessment as part of the town plan. The LGC has approved $ 37 million for the sale of general bonds for parks and recreation improvements, construction, transportation projects, new fire stations and other improvements to public safety. The city’s population grew 68.9%, from 18,745 in 2010 to 31,670 in 2019, according to data from the US Census Bureau.
The LGC has approved $ 13.5 million in general bond bonds for Mount Holly. This would result in a property tax increase of 7.5 cents per $ 100 of assessment for residents. The money will be used for land to connect the city’s greenway system and new parks.
Other funding requests approved Tuesday by the LGC:
• Lincoln County: $ 20 million to construct an emergency management building;
• Nash County: $ 16 million for a new detention center;
• Shelby: $ 10 million for streets and sidewalks;
• County of Vance: $ 5.1 million for maintenance projects in several schools;
• County of Dare: $ 3 million to purchase land for an emergency management service station and youth center;
• Brevard: $ 2.3 million for the construction of a new community center and parking lot;
• Elizabethtown: $ 2 million for street repairs and resurfacing.
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Original author: Nyamekye Daniel, the central square
Original location: State approves $ 600 million loan for municipalities in North Carolina