Notice of Hearing - Laughlin School Finance

NOTICE OF PUBLIC HEARING ON TOWN OF SUMMERFIELD, NORTH CAROLINA CONSIDERATION OF AN ARRANGEMENT FOR A PROPOSED INSTALLMENT FINANCING AGREEMENT TO FINANCE COSTS RELATED TO THE ACQUISITION AND IMPROVEMENT OF LAUGHLIN SCHOOL PROPERTY

           

NOTICE IS HEREBY GIVEN of a public hearing to be held by the Town Council  (the “Council”) of the Town of Summerfield, North Carolina (the “Town”) at 6:30 p.m. (or as soon thereafter as the matter may be heard) on March 10, 2026, in the Council meeting room, Summerfield Community Center,  504 Centerfield Road, Summerfield, North Carolina for the purpose of considering an arrangement for a proposed installment financing agreement pursuant to North Carolina General Statutes Section 160A-20, as amended, for the purpose of providing funds to the Town in an amount not to exceed $3,340,000 for the acquisition, construction and other accomplishment of the Project hereinafter described.  The Town would secure the repayment by it of moneys advanced pursuant to such proposed agreement by granting a security interest in all or a portion of the Project fixtures and improvements and real property on which Project fixtures and improvements are located, but there would be no recourse against the Town or its property (other than the financed and improved property) if there were a default on the financing.  The Town’s entering into the financing is subject to obtaining approval from the North Carolina Local Government Commission and approval from the Town Council.

            The Project consists of the acquisition, design, renovation, construction, improvement and equipping of a Town capital project, specifically the purchase and development of property known as the Laughlin School, for Town administration, parks, recreation, museum, library, community center and equipment maintenance purposes as well as general local government purposes. All interested persons will be heard at the public hearing.  Persons wishing to make written comments in advance of the hearing or wishing more information concerning the subject of the hearing may contact Jennifer Kelly, Town Finance Officer, 4117 Oak Ridge Road, Summerfield, North Carolina 27358 (email at financeofc@summerfieldnc.gov and telephone number 336-643-8655).