Title:
TEFRA Hearing: Mountain Island Day Community Charter School Project
Summary
ACTION:
(1) Open TEFRA public hearing and receive comments on the proposed financing of Mountain Island Day Community Charter 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 Education Revenue Bonds (Mountain Island Day Community Charter School) Series 2019 in an aggregate principal amount not to exceed $24,000,000
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, Mariner Foundation, a North Carolina nonprofit corporation (the “Borrower”), has requested that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the “Authority”), issue its Education Revenue Bonds (Mountain Island Day Community Charter School) Series 2019 (the “Bonds”), in an aggregate principal amount not to exceed $24,000,000 and loan the proceeds thereof to the Borrower for the following purposes:
(a) financing the acquisition, construction, renovation, improvement and equipping of certain land and charter educational facilities of Mountain Island Day Community Charter School (the “Lessee”), a North Carolina nonprofit corporation and an organization described in Section 501(c)(3) of the Code, and the Borrower to be leased to the Lessee for use as a charter school known as “Mountain Island Day Community Charter School” (the “School”), including the (i) acquisition of approximately 0.66 acres of land located at 6231 Paw Creek Road, Charlotte, NC 28214, and (ii) acquisition of approximately 22.9 acres of land and a 46,000 square foot building located at 1209 Little Rock Road, Charlotte, NC 28214 from which the Lessee operates the School, and the construction thereon of a two-story, 56,000 square foo...
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