Funding Approved for Centennial Authority To Modernize and Enhance Lenovo Center

Carolina fans gear up for game 4 of the Stanley Cup, their home ice is preparing for an upgrade. The Local Government Commission (LGC) approved the Centennial Authority's debt request for $200,000,000 in bond anticipation notes to continue its improvements of the Lenovo Center. This investment is meant to modernize and enhance the public structure and add amenities to broaden the arena's sports and entertainment appeal.

The Centennial Authority also got approval for $109,000,000 in revenue bonds. The funding from this bond sale will be used to provide permanent financing and pay off the interim 2024 BAN, which was used for the first phase of construction and improvements at the Lenovo Center.

State Treasurer Brad Briner chairs the LGC. The commission is staffed by the Department of State Treasurer (DST) and has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.

Rocky Mount officials also appeared before the LGC for their monthly update on the city's finances as it heads into the end of the fiscal year. The city has been at risk of running out of cash, and the LGC has been closely monitoring in case it needs to step in at any time to take over the finances.

The body got an update on the money saved by local governments since July of last year when the LGC adopted a resolution to pre-approve applications of local governments wishing to issue refunding bonds meeting specific criteria that produce debt service savings. Since the resolution was passed, over $14 million has been saved by cities and counties around the state.

After a discussion about the feasibility of a debt request from Cabarrus County, the LGC approved $200,000,000 in limited obligation bonds to be used toward a new high school and elementary school. The request comes due to increased enrollment in the district and would be funded by the county's general fund.

In other matters approved:

• The city of Asheville (Buncombe County): $40,000,000 in limited obligation bonds for infrastructure repairs, maintenance and upgrades.
• Cape Fear Public Utility Authority (New Hanover County): $13,785,950 in a state revolving loan for installation of new water mains.
• The North Carolina Medical Care Commission: $45,000,000 in conduit revenue bonds for the cost of acquiring three assisted living and memory care facilities in Onslow, Chowan and Martin Counties.
• Cumberland County: $5,500,000 in an installment financing contract to acquire and install equipment et al at the Crown Expo Center and Crown Coliseum.
• Dare County: $56,500,000 in limited obligation bonds for beach renourishment.
• Elon University (Alamance County): $109,009,600 in NC Capital Facilities Finance Agency conduit revenue bonds to refinance current debt for various university projects.
• Inlivian-Joyfield at Woodward (Mecklenburg County): $16,500,000 in conduit revenue bonds for low- and moderate-income multifamily housing.
• Johnston County: $8,960,000 in a revolving loan for relocation/demolition and installation of the Neuse River Wastewater Pump Station
• Junaluska Sanitary District (Haywood County): $4,495,104 in a revolving loan for waterline rehabilitation
• Moore County Airport Authority: $5,500,00 in an installment financing contract for constructing and installing two new corporate aircraft hangars.
• Morrisville: $12,000,000 in limited obligation bonds for upgrading/renovating new public works facility.
• NC Housing Finance Agency- Yadkin Trail Housing Partners: $4,000,000 in conduit revenue bonds for improvements to 48-unit multifamily residential housing development.
• NC Housing Finance Agency- Pamlico Grove Apartments: $4,000,000 in conduit revenue bonds for improvements to 48-unit multifamily residential housing development.
• Orange County: $32,000,0000 in limited obligation bonds for improvements to various county facilities.
• Robeson County: $58,000,000 in limited obligation bonds for the new health department building.
• Wake County Housing Authority- Bennett Apartments South: $30,752,000 in conduit revenue bonds for the acquisition, construction and equipping of a 171-unit multifamily residential rental facility.
• Wilmington Housing Authority- Houston Moore (New Hanover County): $32,950,000 in conduit revenue bonds for redevelopment of low-income housing.
• The town of Lucama (Wilson County): $947,500 in a revolving loan for water and sewer work.
• Northampton County: $2,700,000 in a lease financing agreement with the local school board to complete the construction of a new high school.
• The city of Greensboro (Guilford County): $220,000,000 in revenue bonds for various water and wastewater projects. Greensboro's FY 2024-25 audit identified several "Financial Performance Indicators of Concern" (FPICs), including fund balance below the LGC's benchmark for a unit of its size.

The next LGC meeting is scheduled for July 7.

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