Local Government Commission Approves $387 Million Financing for Mecklenburg County

Raleigh, NC

Jan 8, 2025

The Local Government Commission (LGC) voted Tuesday, Jan. 7, to approve $387 million spread across three applications from Mecklenburg County for public safety, education and recreation projects and bond refinancing.

State Treasurer Brad Briner presided over his first meeting as chairman of the LGC. The commission is staffed by the Department of State Treasurer (DST) and has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money that units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.

Mecklenburg County had three major financing proposals on the agenda, which included nearly $1 billion in total financing requests. The county plans to build or renovate multiple municipal buildings with $252 million in limited obligation bonds. The Sheriff's Office and detention center would be renovated. Other county, Central Piedmont Community College, and Charlotte-Mecklenburg Library facilities will be built, improved, and/or furnished. Parks and greenways throughout the county will be upgraded.

County officials got a thumbs up to issue $45 million in general obligation bonds to improve, acquire and upgrade solid waste facilities. Work includes land, rights-of-way and easements, and related public infrastructure development.

No tax increase is anticipated for either bond issue.

Mecklenburg County also received the go-ahead to refund up to $90 million in general obligation bonds at lower interest rates, saving more than $1.8 million.

The LGC approved $200 million in general obligation bonds for the city of Durham (Durham County). Of that total, $115 million will pay for costs of acquiring, constructing, reconstructing, widening, extending, paving, resurfacing, grading and improving streets and sidewalks. The paving will include some dirt streets. The $85 million balance would cover costs of acquiring, building, renovating, expanding and improving parks and recreation facilities at Long Meadow and East End parks. Plans include a new swimming pool at Long Meadow Park, and a new aquatic park beside the Wheels Roller Rink at Merrick-Moore Park. Referenda for the two bond issues were approved by voters in November 2024. The bonds could add a combined 3.46 cents per $100 of assessed property value, with the rate declining over 20 years.

The Piedmont Triad Regional Water Authority (Randolph County) was given a green light to issue $130 million in revenue bond anticipation notes for water treatment plant work at Randleman Regional Reservoir. The expansion will allow the plant to handle 26.7 million gallons per day. That is a 12-million-gallon daily increase. The project is expected to take several years to complete. A 6.5% increase in water rates is expected from 2026 through 2028, and a 4% increase thereafter. The water authority includes the cities of Archdale, Greensboro, High Point, Jamestown, and Randleman, and Randolph County.

The LGC signed off on $68.5 million in general obligation bonds sought by Burlington (Alamance County). The city plans to use the money for parks and recreation, streets and sidewalks. Voters approved referenda for these purposes in November 2024. They include construction, renovation and improvement of parks and recreation facilities, sidewalk maintenance and repair, downtown streetscaping, and various parks and recreation projects including the Maynard Aquatics Center, Paramount Theater expansion, and Western Sportsplex. A property tax increase of 5.7 cents per $100 valuation is expected.

Ashe County plans to replace a middle school building in West Jefferson, and a 1,521-square-foot field house building, and the LGC voted to authorize the county to issue $45 million in limited obligation bonds to do the work. The proposed 151,579-square-foot school will be adjacent to the high school and will include new baseball, softball, tennis and soccer facilities. It will replace a 1950s-era building. All county sixth-grade classes will be moved from three elementary schools to the new middle school to reduce crowding in the lower-grade classrooms. The county already has received $52 million from the state's Needs-Based Public Schools Capital Fund, and ground was broken in August. No tax increase is expected.

Cornelius (Mecklenburg County) received the LGC's stamp of approval for $20 million in general obligation bonds for parks and recreation work to expand Robbins Park, complete Phase II of a tennis/pickleball complex at Bailey Road Park, and a shared-use recreation center at Cornelius Elementary School. Voters approved the funding by referendum in November 2024. Proceeds from the bonds would pay to preserve space, make existing facilities improvements such as lighting to extend play time and restrooms, and possible indoor recreation space on school property such as a gymnasium, community room and fitness studio. Greenway and multi-use path and trail systems could be expanded. A property tax increase of 1.61 cents per $100 of assessed value is anticipated.

Dunn (Harnett County) was given a nod from the LGC to obtain a $9.1 million State Revolving Fund loan to pay for work that would address a system-wide moratorium on new connections to the sewer system. An assessment would be performed of aging sewer lines and manholes to identify sources of inflow and infiltration that have caused environmental regulation violations. The work will free up capacity and reduce sanitary sewer overflows by replacing defective lines, some of which have been in place 77 years and longer. Sewer rates are expected to increase by 12.4% by the end of the project in fiscal year 2027 to pay for the work.

LGC members also approved requests from:

• Greensboro (Guilford County), $6.3 million, refunding general obligation bonds at lower interest rates to save $491,887.
• Thomasville (Davidson County), $3.2 million, State Revolving Fund loan to upgrade the Rains Road Pump Station.
• Western Piedmont Council of Governments (Burke and Catawba counties), $2.7 million, installment purchase to partially pay for an 11,461-square-foot addition to the administration building, improve the existing building and HVAC system upgrades.
• City of Roxboro (Person County), $1.9 million installment purchase to finance four police vehicles, one garbage truck, a snow truck, a container carrier mount for an existing truck and one fire truck.
• Edgecombe County, $891,000, installment purchase to lease body cameras and in-car cameras for the Sheriff's Office.
• Edgecombe County, $730,000, installment purchase to lease cardiac monitors for the Emergency Medical Services department.

Related Topics:

• SLGC News Release
• Treasurer Briner Administration Press Releases

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