Title
Appointments- Industrial Facilities & Pollution Control Financing Authority
Action
ACTION:
1) Remove one (1) Board of County Commissioners appointee, Rob Kidwell, from the Industrial Facilities & Pollution Control Financing Authority.
2) Appointments are needed on the Industrial Facilities & Pollution Control Financing Authority to fill three (3) six-year terms. Mike Davidson and James Stueckler are eligible for appointment. Charles Stewart is eligible for reappointment.
Applications are attached.
Staff Contact: Kristine M. Smith, Clerk to the Board
Madison Little, Assistant Clerk
Presentation: No
BACKGROUND/JUSTIFICATION:
Appointments are needed on the above board. Rob Kidwell has missed several consecutive meetings of the authority. According to the Board's attendance policy, a member may be removed for attendance. Charles "Charlie" Stewart has been a member of the authority since 2002 and was most recently reappointed in 2023; however, he resigned this year, but is willing to be reappointed. James Stueckler was recommended to apply by a current authority member, and Mike Davidson has been recommended as well. All have a background that would be beneficial to the authority.
In 1976, pursuant to NCGS § 159C-4, the Mecklenburg Board of Commissioners established "The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority" (“the Authority”) to act as a conduit bond issuer for industrial development bonds to finance new and expanding businesses in the County. The Authority consisted of seven members appointed by the Board of County Commissioners who would serve six-year terms. The Authority was authorized under the Act to issue revenue bonds for the purposes authorized by the Act.
The last appointments to the Authority were made on February 7, 2023. It is necessary for the BOCC to appoint members to the Authority to approve and execute the necessary documents for the Greenway Waste Solutions bonds and take any other appropriate action as necessary. As with all bonds issued by the Authority, all costs are paid by the Borrower. Neither the Authority nor the County is responsible for the repayment of the bonds, but having the Authority as the issuer makes them tax exempt, which lowers the cost of the debt. No further action with respect to the 2010 Bonds is required by the BOCC.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A