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Cary Town Council Action Agenda Thursday, January 24, 2008 6:30 p.m.
Council Chambers
A. COMMENCEMENT
1.
Call to Order
(Provided) 2.
Ceremonial Opening
(Provided) 3.
Adoption
of agenda (Approved
with the addition to the consent agenda to move planning and zoning
board chair Chris Brooks from an ETJ board member to a regular board
member with a term expiration date of 2/29/2008) B.
CONSENT AGENDA 1.
Regular Consent Agenda (any
regular consent agenda item pulled for discussion will be discussed at the
end of the old/new business portion of the agenda, which is item H on this
agenda) a.
Consideration of approval of the minutes of the regular town
council meeting held on b.
Consideration
of an amendment to the adopted 2008 Town of c.
Consideration
of adoption of certificates of sufficiency and resolutions calling for
public hearings on the following citizen-initiated annexations: (1)
ANNEXATION
PETITION 07-A-27
(Approved) (2)
ANNEXATION
PETITION 07-A-31
(Approved)
d.
2.
Land Development Consent Agenda (any
land development consent agenda item pulled for discussion will be
discussed at the end of the land development discussion portion of the
agenda, which is item F on this agenda) N/A 3.
Planning and Development Committee, a.
Public
Art for
b.
Goals
and Funding for Land Banking Program
(AD08-005a)
(Pulled from consent for
discussion)
(1)
Use of the $3 million of school capacity fees to be paid to the
Wake County Public School System (WCPSS) to assist with the purchase of
one or more school sites to be located within the western portion of the
corporate limits of the Town of Cary, to be paid to the WCPSS once
specific property(ies) have been identified and approved by the Wake
County School Board for purchase.
(2)
Funding of a new $20 million Town of Cary capital project entitled
“Land Banking” to be funded as follows with initial targets for total
funding of $23 million to include assistance with school sites identified
by Wake funding to: ·
$5 million of general fund fund
balance to assist with land purchases to include the following types of
public service uses:
schools,
post office, open space, fire station, and other Town of ·
$5 million of utility
fund fund balance for the purchase of additional open space to help
protect water quality ·
$10 million of asset
backed debt.
The debt service
for this borrowing will be approximately $1 million during the first year
and will decline gradually over the payment term of twenty years.
It is expected that the first year of debt service will occur in FY 2009
and would be paid from the general fund.
This $10 million in funding would be the last funding out of the
$20 million utilized so that the timing of the debt service would be
delayed as long as possible.
Initial
targets for this total of $23 million in funding will include assistance
with school sites identified by the WCPSS, key open space parcels, and the
future location of a post office.
Committee
further recommended approval that an appropriation be made at this time to
allow staff to move forward with a land banking program as soon as
possible.
(3)
Committee further recommended that the public be invited to provide
feedback on this program, and on any specific concerns or considerations,
through the previously scheduled dedicated public hearings at each Council
meeting in February as part of the annual budget process or by providing
feedback through email at budget.input@townofcary.org
during the month of February. c.
Consideration of Waivers and
Financial Contributions for the Wake County Public School System
(EN08-064)
(Approved) d.
Waiver Requests – Gateway
Preston Bank (EN08-071) (Approved)
e.
Evaluation of Corridor Transition
Zoning District (Walnut Street) (PL08-021)
(Pulled
from consent for discussion) C.
RECOGNITIONS, REPORTS, N/A D.
PUBLIC HEARINGS 1.
Development Fees 2.
White Oak Creek Project at a.
ANNEXATION
PETITION 07-A-02 b.
REZONING
07-REZ-31 3.
White Oak Creek Project at a.
ANNEXATION
PETITION 07-A-03 b.
REZONING
07-REZ-32 4.
ANNEXATION PUBLIC HEARINGS: a.
ANNEXATION
PETITION 07-A-28 b.
ANNEXATION
PETITION 07-A-29 E.
PUBLIC SPEAKS OUT (see official minutes)
F.
LAND DEVELOPMENT DISCUSSION ITEMS
(any item pulled from the land development consent agenda for discussion
[item B.2. on this agenda] will be discussed during this portion of the
agenda) N/A G.
COMMITTEE REPORTS (discussion
items) Planning
and Development Committee,
1.
Goals
and Funding for Land Banking Program
(AD08-005a)
(a)
Use of the $3 million of school capacity fees to be paid to the
Wake County Public School System (WCPSS) to assist with the purchase of
one or more school sites to be located within the western portion of the
corporate limits of the Town of Cary, to be paid to the WCPSS once
specific property(ies) have been identified and approved by the Wake
County School Board for purchase. (b)
Funding of a new $20 million Town of Cary capital project entitled
“Land Banking” to be funded as follows with initial targets for total
funding of $23 million to include assistance with school sites identified
by Wake funding to: ·
$5 million of general fund fund
balance to assist with land purchases to include the following types of
public service uses: schools,
post office, open space, fire station, and other Town of ·
$5 million of utility
fund fund balance for the purchase of additional open space to help
protect water quality ·
$10 million of asset
backed debt. The debt service
for this borrowing will be approximately $1 million during the first year
and will decline gradually over the payment term of twenty years.
It is expected that the first year of debt service will occur in FY 2009
and would be paid from the general fund.
This $10 million in funding would be the last funding out of the
$20 million utilized so that the timing of the debt service would be
delayed as long as possible. Initial
targets for this total of $23 million in funding will include assistance
with school sites identified by the WCPSS, key open space parcels, and the
future location of a post office. Committee
further recommended approval that an appropriation be made at this time to
allow staff to move forward with a land banking program as soon as
possible. (c)
Committee further recommended that the public be invited to provide
feedback on this program, and on any specific concerns or considerations,
through the previously scheduled dedicated public hearings at each Council
meeting in February as part of the annual budget process or by providing
feedback through email at budget.input@townofcary.org
during the month of February.
2.
Evaluation of Corridor Transition
Zoning District (Walnut Street) (PL08-021)
H.
OLD/NEW BUSINESS
(any item pulled from the regular consent agenda for discussion [agenda
item B.1.] will be discussed during this portion of the agenda) 1.
Consideration
of adoption of the anti-monotony and garagescapes portion of the Land
Development Round I.
CLOSED SESSION J. ADJOURNMENT (9:30 p.m.)
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