Council Approves Financing Property Purchase; Rebuilding Bathrooms

Council Approves Financing Property Purchase; Rebuilding Bathrooms

Council Approves Financing Property Purchase; Rebuilding Bathrooms Featured

By / Local News / Wednesday, 11 September 2019 22:57

By WILLARD KILLOUGH III
Managing Editor

CAROLINA BEACH - The Carolina Beach Town Council voted during their September 10th, meeting to approve financing  for the purchase of 3 Carolina Beach Avenue S. and construction of a new bathroom and Ocean Rescue facility at 102 Hamlet Avenue.

The Council previously voted on Tuesday August 20th, to purchase a building at 3 Carolina Beach Avenue South on the downtown Boardwalk across from the Gazebo for $337,500 from Joseph Middleton of Raleigh, NC. The building was formerly home to "The Shell Shop".

The Town will pay cash for the land and the building. Later this year the Town will seek approval from the NC Local Government Commission to finance the purchase. The Council stated the purpose is for Lifeguard storage.

The Town has historically leased another property on the Boardwalk at a cost of $1,500 per month. Recently the owner of that building said the lease amount would increase.

The resolution unanimously approved by the Council on September 10th stated:
1. The Town Hereby determines the Project to include the purchase of property located 3 Carolina Beach Avenue South and demolition and reconstruction of public bathrooms at 102 Hamlet Avenue adding office, training and storage space for Ocean Rescue.
2. The Project is to be financed. The insurer intends to finance the costs of the Project with the proceeds of debt to be issued by the issuer (The “Borrowing”) the interest on which is to be excluded from gross income for federal income tax purposes. The currently expected maximum amount of bonds or other obligations to be issued or contracted for this project is $1,200,000.
3. Funds have been advanced or may be advanced from the Capital Project Fund for the project costs are intended to be reimbursed form the financing proceeds.
4. The adoption of this resolution is intended as a declaration of the unit’s official intent to reimburse project expenditures from financing proceeds.

Finance Director Debbie Hall said she requested bid proposals from five banks for financing. BB&T was the only bank to bid and offered 2.38% for 15 years.

Intermin Town Manager Ed Parvin explained, "For 3 Carolina Beach Avenue South, we intend to use that for temporary storage of our Ocean Rescue. We want to use it for Parks and Recreation activities such as Christmas by the Sea, different activities  we have in the summer time that we can house. Possibly some public bathroom facilities. Storage of some of our camera equipment, or security equipment we have down on the Boardwalk. In the future, looking into expansion of the activities in that building or maybe some reconstruction of that area and that might be some open space and redesign the stage down there."

The Council held a public hearing and no one stood up to speak.

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