RALEIGH — The Local Government Commission approved Raleigh’s requests to issue $221 million in bonds for a 17-story City Hall and public safety buildings during its monthly meeting on Feb. 4.
The Local Government Commission (LGC) voted to approve $120 million in limited obligation bond anticipation notes for Raleigh’s City Hall as well as fire, public safety and administrative building improvements.
A second approval authorized $101 million in limited obligation bonds to refinance a 2024 installment financing agreement for the East Civic Tower project and other municipal projects, replacing a variable rate loan with a fixed rate. Another $18.5 million in limited obligation bonds was also approved to refund a 2016 bond series used for a fire station and performing arts center improvements.
The City Hall project will consolidate most of the capital city’s downtown workforce into a 370,000-square-foot building. According to the City of Raleigh’s website, the 17-story tower project is 55% complete.
Other approvals included Carolina Beach’s request for $35 million in revenue bonds for water, sewer and stormwater facilities, with rate increases planned for fiscal years 2027-30.
Additionally, the N.C. Housing Finance Agency’s request for $25 million in multifamily housing revenue bonds was given the green light. That funding is associated with 100 rental units at Westgreen Apartments in Kannapolis.
The LGC designated the Anson County towns of Bridgeton, Red Springs, Stedman and Walnut Cove as “distressed” related to drinking water or wastewater services, making them eligible for grant money under the Viable Utility Reserve statute. Those areas had already been designated as distressed by the State Water Infrastructure Authority last December.
The LGC oversees the fiscal health of more than 1,100 municipalities in the state and is chaired by State Treasurer Brad Briner.
