County and local endowment agree to $116 million grant; school-bond hearing rescheduled

New Hanover County commissioners on June 1 ratified a memorandum of understanding with the New Hanover Community Endowment for a $116 million grant intended to reduce the county’s financing needs for a proposed general obligation bond for the school system.

The chair announced the MOU and recommended the board approve it; a motion to ratify the memorandum was moved and seconded and passed by voice vote. County staff said the grant reduces the estimated property-tax increase tied to the bond from 1.75 cents per $100 of assessed value to one‑half of a cent, a reduction the county said would translate to about $5 per year per $100 of assessed value while supporting roughly $320 million of school improvements.

Because the grant changes the financing and the disclosures available to voters, legal counsel advised the board to defer the scheduled public hearing on the proposed bonds so staff can update the statement of disclosure. The board voted to reschedule the hearing for the next regular meeting on June 15 and directed staff to publish that hearing date by June 9.

The chair thanked the endowment and county partners for the gift and said the arrangement reflects a partnership aimed at leveraging private resources for public-school improvements. The county will file the revised disclosure with the clerk to the board and present the new materials at the June 15 hearing, where the bond will be placed on the November ballot for citizen approval.

What happens next: the board will receive the updated disclosure before the public hearing on June 15; voters will decide in November whether to approve the bond with the endowment’s contribution reflected in the ballot materials.