Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Southern Pines sets public-interest finding to pursue up to $7 million loan for town hall purchase
Summary
Council agreed the town should pursue installment financing and will forward a resolution to the Local Government Commission for review; staff said bids returned indicate 20-year rates near 4.3% (FirstBank) and 4.452% (Truist).
Southern Pines — The Town Council concluded that financing the purchase of the town hall property at 300 Southwest Broad Street would be in the public interest and directed staff to prepare resolutions to send to the Local Government Commission (LGC).
Assistant Manager Jessica Roth introduced the required public hearing step for the LGC process. Finance Director Tess Brubaker Spies told council the town issued an RFP and received proposals; FirstBank quoted a 20‑year rate of about 4.3% and Truist quoted about 4.452% for a 20‑year term. "FirstBank came in at 4.3% for a 20 year term," Brubaker Spies said. Staff also reported a no-bid from one respondent and that the LGC application had been submitted before the filing deadline.
Under the process described by staff, the council’s public-interest finding will accompany a resolution to the LGC; the LGC reviews whether proposed municipal debt is in the public interest before the town executes financing documents. Council members voted to find the financing in the public interest and authorized staff to proceed with the required resolutions and subsequent contract work.
What’s next: The town is scheduled for the Local Government Commission agenda; if the LGC approves the financing plan staff will bring candidate financing contracts back to the council for final approval before closing.
