RALEIGH — The Local Government Commission gave the green light last week to several significant spending projects across North Carolina, including $368 million for a joint project to increase town water supplies for Fuquay-Varina and Holly Springs in Wake County, and Sanford in Lee County.
The water supply project aims to expand the Sanford Water Treatment Plant to accommodate an additional water flow of 18 million gallons daily, addressing both the present and expected future growth in the area.
The Local Government Commission’s (LGC) breakdown for the approval of the joint project includes $76 million in revenue bonds and $88.4 million loan for Sanford and $75 million in revenue bonds each for Fuquay-Varina and Holly Springs.
The LGC also approved several housing-related projects, including $38.5 million for Inlivian Housing in Charlotte to develop a 238-unit multifamily rental complex, and $16 million for the North Carolina Housing Finance Agency to rehabilitate 381 apartment units across 14 rural communities.
Other notable high-dollar figure approvals included $70 million for Charlotte to refund an older bond, resulting in $4.1 million in interest savings, and $47.5 million for Greensboro to fund various city improvements without expecting a tax increase.
A $228 million financing application from Cabarrus County did not move forward due to concerns over the debt structure and will likely be dealt with at a later date following the lack of a motion to vote on the item.
Of note, financial control was returned to the Cumberland County town of Spring Lake by the LGC, which first assumed control of the town’s finances in October 2021 due to fiscal mismanagement.
Other LGC approvals for various projects around the state included:
• $38.5 million: Inlivian Housing (Mecklenburg County) for conduit revenue bonds
• $30 million: Lincoln County for limited obligation bonds
• $16 million: North Carolina Housing Finance Agency for conduit revenue bonds
• $13.5 million: Leland (Brunswick County) for limited obligation bonds
• $11.4 million: Rocky Mount (Nash and Edgecombe counties) for fire station construction
• $7 million: Durham Housing Authority (Durham County) for conduit revenue bonds
• $6.25 million: Garner (Wake County) for installment purchase
• $2.3 million: Aqua North Carolina for loan from State Revolving Fund
• $1.48 million: Valdese (Burke County) for loan from State Revolving Fund
• $170,000: Andrews (Cherokee County) for installment purchase
More information on LGC activities can be found on the NC Treasurer’s website under Divisions.
