RALEIGH — At its Feb. 6 meeting, the N.C. Local Government Commission unanimously endorsed a $2.5 billion bond package approved by Mecklenburg County voters for school construction in the Charlotte-Mecklenburg School System (CMS).
A 63% majority of Mecklenburg voters voted in favor of the funding in last November’s election.
The LGC’s nod to the funding marks the largest tax-exempt financing ever handled by the commission. The funding will occur through a phased 3-cent property tax increase, slated for implementation in 2025, 2028 and 2029.
CMS is the second-largest school district in North Carolina with 184 schools.
According to the district’s website, the bond package will fund “30 high-priority projects,” including the construction of three new schools to accommodate student enrollment, replacement of 16 schools on-site and two off-site, as well as renovation of other facilities.
Notably, plans include development of a regional athletic complex to add to extracurricular opportunities offered to students.
The LGC also approved the following finance items:
- Wilson County: Secured $73 million in special obligation bonds for the acquisition, construction and equipping of a multipurpose baseball stadium and entertainment complex, to be utilized by the Carolina Mudcats, a Single-A minor league franchise.
- Cabarrus County: Received approval for $100 million in revenue bonds to expand the Rocky River Regional Wastewater Treatment Plant, a crucial infrastructure project aimed at bolstering environmental sustainability.
- N.C. Medical Care Commission: Granted authorization for $90 million in conduit revenue bonds to facilitate the construction of a 57-unit independent living apartment building at Cypress Glen, Pitt County, part of United Methodist Retirement Homes.
- Town of Davidson: Extended authorization for issuing $6.9 million in bonds over three years to address ongoing project delays and market challenges.
- City of Reidsville: Approved a nearly $4.9 million increase in a state revolving loan to enhance wastewater infrastructure, ensuring compliance with environmental regulations.
- Inlivian: The Charlotte housing authority received the green light for an additional $2 million in tax-exempt bonds to finance the Fairhaven Glen project, aimed at expanding affordable housing options.
- Yadkin Valley Sewer Authority: Granted funds for essential repairs to manholes, pipes, and pump stations, necessitated by damage from severe weather events.
- Caswell County: Approved a lease agreement for vehicle replacement within the Sheriff’s Department, signaling a commitment to maintaining public safety infrastructure.
