[{"_1":2,"_86":-5,"_87":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6680005,"mediaKeyId","2620056-6579f8ca0a441a2157057877bd049af4","parentId",2620056,"title","Garner staff recommends preserving two‑thirds bond capacity to protect future project funding","audioSeconds",935,"startMs",3530000,"endMs",4465000,"viewUrl","/Search/View?dp=1&key=2620056-6579f8ca0a441a2157057877bd049af4&start=3530&end=4465","thumbnailUrl","https://assets.pipeline.soar.com/2620056-6579f8ca0a441a2157057877bd049af4/thumbnail_3530000.jpg","articleUrl","/articles/6680005/Garner/Wake-County/North-Carolina/Garner-staff-recommends-preserving-twothirds-bond-capacity-to-protect-future-project-funding","mediaUrl","https://secure.pipeline.soar.com/6680005-859293531fdbd517515abf5035d8a240/orig.mp4?Expires=1771151754&Signature=OZ-~3TFpj9ru7x1yH5-4VTKwUHEJctV0pSFDAcSp8fZcxnKMOajOuBBowGmTAdhTNvPt2s99WB6b~CqrqkaMvfK3lsoQPX-k6VWAF5jZTvb07VRi9aXTBdsVN5T-h5~hgQJV--edz75mCKd6DImD1ChiInSvQXbHgxbBAT6~izz9o99dJejv3yaYh9yPf0axd6md8I1AjRpR~PN789QEGe6IUw9eW1D5ady4PxJx24ciBhExFahPkOVN8ekSlB6xw5rlgDsrGf0VahHUZUeX5Inbs4~XFVsI7ZrKFpTVf0uI8nWlcsRIbLd~oYtZMi7qXLqu4j7ojU0UHe8Z7t28Hw__&Key-Pair-Id=KUT5TJCACFTXG","author","Garner","date","2025-02-12T08:28:11.513Z","article","Garner Financial Director David Beck and bond adviser Ted Cole of Davenport & Associates briefed the Garner Town Council on the town’s opportunity to use a two‑thirds general obligation bond mechanism available under North Carolina law.

Beck explained that the town’s 2021 voter‑approved general obligation (GO) bond authorization allows up to $69 million in obligations and that the town previously issued the first tranche in 2023 and plans a second sale in spring. Cole described the statutory two‑thirds process: because the town retired principal on prior GO bond issues in the prior fiscal year, the town can, in the current fiscal year, issue new GO debt up to two‑thirds of the principal paid off the prior year without a voter referendum, subject to Local Government Commission (LGC) review and a public hearing.

Cole estimated the two‑thirds capacity for this fiscal cycle at about $1.9 million based on the town’s fiscal‑24 principal retirements, and he outlined three options for council consideration: (1) do nothing and let the two‑thirds opportunity lapse, (2) issue the two‑thirds in addition to the already planned voted sale (increasing total debt issued this spring), or (3) accept the two‑thirds but reduce the voted sale by the same amount so the net borrowing this spring remains unchanged. Staff recommended option 3 to preserve additional capacity for a future issuance and to give a later council better information before issuing more voted debt.

Cole summarized timing and requirements if council wishes to proceed: submit an LGC application, introduce a bond order and a findings resolution (Feb. 4 meeting), hold the required public hearing (Feb. 18), obtain LGC consideration (early March), adopt final issuance resolutions and sell bonds (March 25 sale date was discussed), and close in April. Cole and Beck emphasized that submitting the LGC application is not binding and that the town would still need council resolutions and the public hearing before any bonds are sold.

Council members asked clarifying questions about the mechanism and possible uses. Mayor Greg Gatson described staff’s recommendation in lay terms as “like the home equity line” and said he was “nodding [his] head in favor of accepting the staff recommendation.” Other council members voiced support for preserving flexibility without increasing borrowing this spring. No formal bond issuance decision was taken at the meeting; staff will proceed with the application and the Feb. 4/Feb. 18 proceedings if council confirms direction at those upcoming meetings.

No votes were taken to issue bonds at this meeting; staff recommended following the calendar and returning with final resolutions if council elects to proceed.","mediaType","Video","parentTitle","Town Council Work Session for January 28, 2025","oneSentenceSummary","Garner financial staff briefed council on a statutory two‑thirds general obligation bond mechanism that could provide roughly $1.9 million of additional borrowing capacity this fiscal year and recommended preserving that capacity without increasing the total spring bond sale.","taxTitle","Garner, Wake County, North Carolina","taxId",55441,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":44,"_47":80,"_49":81,"_51":82,"_53":83,"_55":56,"_57":58,"_59":84,"_61":62,"_63":64,"_65":85,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6680008,"Garner task force proposes roadmap targeting housing for households at 50–80% of AMI",2867,663000,"/Search/View?dp=1&key=2620056-6579f8ca0a441a2157057877bd049af4&start=663&end=3530","https://assets.pipeline.soar.com/2620056-6579f8ca0a441a2157057877bd049af4/thumbnail_663000.jpg","/articles/6680008/Garner/Wake-County/North-Carolina/Garner-task-force-proposes-roadmap-targeting-housing-for-households-at-5080-of-AMI","https://secure.pipeline.soar.com/6680008-35a126632c4cc02a3dcc72beee8a7521/orig.mp4?Expires=1771151754&Signature=Ng1J~~~UxwhORVHtsq6TTOMsdZK9bCA2lPqT4Pdc3mxZh314XasUIcW4R5JGIfxk3x8ZoKjZLTgBqOdMYRi-aUYMFdGUFcgb3Z0zp6Pbpm1rc9ETWiYg2awT29a36I6AbC~8toaBD6uhO1zWsqiCiwjXvVcHhAeSNAzgrC9bhtAoctnoXbyj1i8-NnejV7~9sdEc9JuycBtDRSTsAwYlt28Wwfb13IYXSCxJ7MQfl2l-F-40eBam17l8LeNTf95SgNZ5lmRT5dWLFBEa9xelPaDwjyaRlZWx6rzUdvJhdIBtwWfPq4sss0cC-dDh5UsLk2b9gCvTnznH51nyKp3~Sw__&Key-Pair-Id=KUT5TJCACFTXG","Garner Town Manager Jody Miller and Mayor Pro Tem Elmo Vance presented recommendations from the Affordable Housing Task Force to the Garner Town Council at a work session. The task force, formed roughly six months earlier, proposed a vision to “create and preserve safe, attainable, affordable housing that supports community building and maintains the town’s hometown character,” and recommended goals, metrics and next steps for implementation.

The report stressed shared terminology and prioritized housing programs targeted at households earning between 50% and 80% of AMI. “For the rest of this report and the recommendations that we’re making, we’re focusing on 50 to 80% of the AMI,” Assistant Town Manager John Hodges told council during the presentation. The task force relied on regional partners and data from Central Pines to inform its analysis and to propose initial targets and preservation strategies.

The task force identified four primary deliverables: (1) agreed terms and definitions to provide a shared vocabulary for town staff, council and developers; (2) goals and metrics, including a starter target tied to Wake County’s affordable housing goal; (3) guidance for the development community on how projects can support the town’s affordable‑housing vision; and (4) a compilation of best practices drawn from peer communities. Hodges said the group recommended using Wake County’s goal as a baseline and noted that a proportional share of that county target would translate to roughly 16–17 units per year for Garner as an initial metric.

Preservation and rehabilitation were highlighted as a priority. The report recommends working with partners such as Rebuilding Together of the Triangle and Wake County to reduce the local waiting list for home‑repair programs and to monitor legally‑restricted affordable housing as units approach the end of their affordability terms. “We have housing that does have some legal controls and constraints on it currently,” Hodges said, noting past conversions when affordability restrictions expired.

On development guidance, the task force recommended that residential developers be strongly encouraged to participate in meeting Garner’s affordable housing goals either by dedicating units or by contributing voluntarily to a proposed town housing fund. The task force also recommended that developers explain how projects support affordability—through unit pricing, durable energy measures or long‑term strategies to sustain affordability beyond initial compliance periods.

Council members praised the work but asked for clarifications. Questions from Council members focused on the geographic basis of the data (town corporate limits versus ZIP‑code or county‑level data), the timeframe for units pledged by developers (some commitments are approvals on paper and may take three to five years to materialize), and whether the 50–80% AMI range was the right metric versus measures tied to cost burden. Mr. Matthews and Mr. Singleton asked staff to clarify how the task force had calculated targets and which geographic data were used; staff said Central Pines is updating some tables and that a final report posted online would include refreshed numbers.

Task force leaders identified next steps: further inventory work to better define existing affordable units, consideration of funding and staffing to sustain the program, continued partnership with regional entities and additional community engagement. “This is only the tip of the iceberg,” Mayor Pro Tem Elmo Vance said of the report, urging council to maintain momentum.

No formal vote or policy adoption occurred; the presentation was delivered for information and to solicit council questions and direction. Staff said they would post the updated data tables online and return with follow‑up items and options for council consideration.","A town-appointed Affordable Housing Task Force presented a six‑month report to the Garner Town Council laying out definitions, goals, metrics and partnerships aimed primarily at households earning 50–80% of area median income (AMI). The presentation was for information; no formal action was taken.","actionData","errors"]

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Garner staff recommends preserving two‑thirds bond capacity to protect future project funding

Garner task force proposes roadmap targeting housing for households at 50–80% of AMI