But in the end, the only action available was the adoption of a resolution promising a full review of plans to refinance town debt at a public hearing at the board's next session on Feb. 20.
At the urging of Town Manager Greg Ferguson and Town Finance Officer Janet Stoner, commissioners adopted the resolution as the first step toward consolidating loans for town projects and acquisitions dating back to 1995. In all, the contract amounts on the table for refinancing negotiations top $19.8 million. Given the current market's lower interest rates, Ferguson and Stoner expect the town to be able to refinance the loans and save $120,000 to $150,000 a year — and potentially up to $2 million in interest payments by the time the debt is retired.
The resolution okayed by the board gives staff the authority to begin the process of considering bids from potential lenders. The town will seek to borrow no more than $20 million, which will be used to payoff the existing debt on three separate contracts — while covering loan fees and other expenses — at a significantly lower interest rate.
The funds borrowed in 2009 for the construction of Town Center, a three-story building and parking deck at the intersection of Gilead and Old Statesville roads, represent the bulk of the outstanding debt. A loan for the construction of Huntersville Family Fitness & Aquatics Center and other recreational facilities in 1999, and money borrowed in 1995 for the construction of the existing police department headquarters and Town Hall, will also be paid off under the proposed re-financing.
At Monday's meeting, Ferguson reported that the interest rates on the three loans range from 5 percent to 4.5 percent, and that advisors have indicated the town should shop around for a current loan with an interest rate closer to 2.5 percent.
The new loan will not be designated for any additional projects or purchases, but will be targeted specifically to retire the debt on the current schedule while paying much less in interest fees. In the resolution, the refinancing option, while potentially slightly more expensive than a town-backed bond package, was identified as the best option for the town because of, among other reasons, the expenses and time delays a special election to vote on bond financing would require.
Clear Signals
Other decisions at Monday's meeting included the removal of a cellular tower thorn that had been jabbing at the board's ribcage since last August, and the adoption of a pared-down list of immediate and near-future town goals generated at the board's two-day planning retreat two weeks sago.
After months of discussion about communications towers — at the planning department, planning board and town board levels —Monday's proposal outlined by Senior Planner Whitney Hodges met with unanimous approval from the commissioners. The new guidelines make towers up to 199 feet tall a permitted use, with conditions, in the town's rural zoning district.
The text amendment stemmed from a request from Jonathan Yates representing Pegasus Towers LLC. Pegasus initially sought a rezoning to allow it to proceed with plans to place a communications tower on a 1.5-acre tract within a 19.5-acre parcel on rural property off Mt. Holly-Huntersville Road.
The initial request would have required spot zoning, which runs against town policy. But the request triggered months of debate among elected officials and rural-area residents concerning the best way to balance the town's need to regulate the placement and proliferation of towers and the desire — and sometimes legitimate need — of residents to have dependable cellular telephone service at their homes and on rural roads.
The compromise adopted Monday establishes guidelines that allow towers in rural areas, with designated spacing requirements, and the conditional portion of the town policy also gives commissioners the authority to evaluate each request on a case-by-case basis.
In establishing future goals, the commissioners broke down their "to-do" list into six municipal service categories: transportation, planning, public safety, public works, parks and recreation, and citizen engagement. They also included a "legislative agenda" priorities list that involves working with representatives in Raleigh to push for changes and considerations to make it easier for the town to reach its objectives.
While the town board's list was not prioritized top to bottom, some issues did resonate strongly with the board during the retreat.
In the public safety category, for example, a final decision on police dispatch operations is scheduled to be made this month. Last November, the town notified Cornelius of plans to terminate its partnership in the Cornelius-based 911 dispatch center at the end of this fiscal year. Huntersville must decide if it wants to become a customer of Charlotte-Mecklenburg Police Department, renegotiate with Cornelius or find another solution.
In public works, a review of staff requirements is on the priority list. Director Max Buchanan said at the retreat that there is an eight- to 10-week delay in responding to some service calls because of a lack of personnel.
In the transportation category, completion of ongoing projects and the push for an $18 million bond package to fund the town's Capital Improvement Program and Comprehensive Transportation Plan were among the highlighted issues.
In planning, meeting with local businesses to explain and apply the town's rules about signage, updating the overall community plan and incorporating a revised economic development strategy in the community plan were listed priorities.
And in the parks and recreation category, the focus zeroed in on exploring the potential to build a full-service gym somewhere in the downtown area — possibly on the town-owned Anchor Mill site, if Commissioner Sarah McAulay gets her way — as an addition to the department's facilities and as a possible venue for visiting events.
