School seeks funding OK
By Steve Herring
Published in News on March 2, 2015 1:46 PM
Wayne County commissioners Tuesday could adopt a resolution approving the issuance of up to $50 million in charter school revenue bonds for charter schools in Wayne and Mecklenburg counties.
If approved the $50 million would be evenly split between Thunderbird Preparatory Academy in Cornelius and Wayne Preparatory Academy at 1404 Patetown Road.
The bonds would be issued by the state of Wisconsin Public Finance Authority to Vertex Nonprofit Organization, a Utah-based not-for-profit corporation.
Vertex would build and lease the schools back to each local charter school organization, said Dr. Ken Benton, chairman of the Wayne Preparatory Academy board.
The hope is that the local school would eventually pay off the lease and own all of the property, he said.
Benton said he understands that the financing already has been approved in Mecklenburg County.
Vertex is building charter schools in other states, and the projects in Wayne and Mecklenburg counties are not related other than being financed by the same company, he said.
The bonds would be used to finance the "acquisition, construction, reconstruction, renovation, equipping, and/or any other capital expenditures and related expenses, as applicable, of charter school educational facilities" at the two locations.
A public hearing on the bonds will be held Tuesday at 9:15 a.m. in the commissioners' meeting room on the fourth floor of the county courthouse annex.
The board will hold an agenda briefing at 8 a.m. followed by the formal session at 9 a.m.
The public hearing and the board's support are legal requirements of the Internal Revenue Service, but a vote does not constitute an indebtedness or liability on the part of the county or state, County Manager George Wood said.
Nor will it count against either's general credit or taxing powers.
"If it is not repaid, it does not fall back on the county," Wood said. "It is like private debt."
Benton said that if the bonds are approved that the initial issuance would be between $5 million and $8 million for the local school.
However, Benton did not answer specific questions concerning what the money would be used for, the time frame, or where the school would be built.
Wayne Preparatory Academy currently has a temporary building housing kindergarten through fourth grade at 366 Tommy's Road.
The school opened in August and has 366 students, Benton said.
The school owns 53 acres between 1404 Patetown Road and the Tommy's Road location, he said.
A building has been placed at 1404 Patetown Road for a pre-school program, Benton said.
Over the next several years the school will continue to add grades with a goal of building elementary, middle and high schools as well as a multi-purpose building, Benton said.
The public hearing on the bonds will be followed by a public hearing on proposed amendments to the county's outdoor advertising sign ordinance.
The proposed changes are:
* Remove the prohibition of outdoor advertising signs along freeways.
* Reduce the area regulated along highways from 1,000 feet to 660 feet.
* Add zoned areas: Outdoor advertising signs may be placed in areas zoned community shopping, airport, light industry, heavy industry or airport industry. Signs in these areas do not need to be within 800 feet of a qualifying commercial or industrial activity.
* Reduce spacing between signs from 1,000 feet to 500 feet along freeways and 300 feet on other highways.
* Clarify that the measurement of a sign's size does not include the trim.
* Change the measurement of sign height from 50 feet above ground to 50 above the adjoining pavement.
* Allow all adjoining land uses to request a waiver on the distance separation requirement.
* Add all sign structures must be constructed of steel on a single pole.
* Allow commissioners to grant a variance to all sections of the ordinance.
The board's consent agenda has one item -- establishing the 2015 amnesty dates at the Wayne County landfill.
In other business, Wayne County ABC Board Business Manager Mike Myrick and ABC Board members will update commissioners on the ABC Board's operations for the fiscal year ending June 30, 2014.
The ABC Board is also scheduled to request that commissioners raise its capital improvement fund limit from $220,000 to $300,000. The money is from ABC sales revenues.
Eryn McAuliffe, will update commissioners on the Senior Games Health Fair and Open House to be held Friday, March 6 from 10:30 a.m. to 1 p.m. at the Peggy M. Seegars Senior Center.
Goldsboro Recreation Supervisor Stasia Fields and Wayne County Senior Games Ambassadors Jeannie Lovings and Terry Wright will update commissioners on the upcoming Senior Games.
Public comments will start at 10 a.m. when people will have four minutes to speak on their topic of choice.