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File #: 19-5451    Version: 1 Name: Queen City STEM School Project; TEFRA Hearing
Type: Public Hearing Status: Public Hearing
File created: 5/16/2019 In control: Attorney’s Office
On agenda: 6/18/2019 Final action:
Title: : TEFRA Hearing - Queen City STEM School Project
Attachments: 1. 19-5451 TEFRA Resol.pdf, 2. 19-5451 TEFRA Notice.pdf, 3. TEFRA Affidavit Publication for TEFRA notice run on June 11 ad#4254506.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Title:
TEFRA Hearing - Queen City STEM School Project

Summary
ACTION:
(1) Open TEFRA public hearing and receive comments on the proposed financing of the Queen City STEM School Project.

(2) Close public hearing and adopt resolution entitled:

Resolution of the Board of Commissioners of the County of Mecklenburg, North Carolina, approving the issuance by the Public Finance Authority of its Charter School Revenue Bonds (Queen City STEM School Project) Series 2019 in an aggregate principal amount not to exceed $8,000,000.

Staff Contact: Tyrone C. Wade, County Attorney


Presentation: No


BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, Charlotte Education Services, LLC, a North Carolina liability company (the “Borrower”), which is wholly owned by Charlotte Education Foundation d/b/a Queen City STEM School (the “Foundation”) a North Carolina nonprofit corporation has requested that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the “Authority”), issue its Charter School Revenue Bonds (Queen City STEM School Project) Series 2019 (the “Bonds”), in an aggregate principal amount not to exceed $8,000,000 and loan the proceeds thereof to the Borrower for the following purposes:

(a) finance, refinance or reimburse the costs of acquisition of an approximately 5.74-acre site located at 9026 Mallard Creek Road, Charlotte, Mecklenburg County, North Carolina (which site will be owned by the Borrower and leased to the Foundation) and the two buildings located thereon, consisting of a 9,487 square foot building containing classrooms and a 20,280 square foot building containing a gymnasium, kitchen, classrooms and offices, at which the Foundation will operate a new campus of the Queen City STEM School (the “School”) for grades 6-12 which will be referred to as the Queen City STEM School - Secondary, and renovate, equip and furnish the buildings at this campus (the cost of acquisition, re...

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