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Commission Capsule for June 2, 2009

Storm Water Fee Public Hearing

The Board continued the public hearing it opened at its last meeting on proposed changes to storm water fees. Storm Water Services is proposing changing from a two tier system of fees to a four tier system. This would allow more specificity in charging fees based on the amount of water runoff properties produce. In addition, the County Manager has amended the proposed fee structure to be revenue neutral – taking on the same amount of fee revenue. This will result in the rainy day fund being about $2 million less than the preferred minimum of $2.5 million to address flood emergencies.

Business Incentive Grants

The Board approved two Business Investment Grants:

$46,968 to Toshiba America Nuclear Energy Corporation

  • 50% of new property taxes paid over five years
  • Establish a Project Management/Engineering Center
  • 194 jobs created over five years
  • $2.8 million estimated capital investment
$1.5 million to Siemens Energy over 8 years
  • 90% of new property taxes paid during this time
  • Centralize its engineering functions in Charlotte
  • Construct $12 million LEED certified building
  • 226 new jobs create over 8 years

Refunding Bonds

The board approved a staff recommendation to refund (refinance) up to $295M in County general obligation bonds to receive a better fixed interest rate. Sale date is tentatively set for August.

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