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Two public hearings and the presentation of the county’s 2022 financial report are on the agenda for the board of commissioners

The Rowan County Board of Commissioners will hold a public hearing on the application of capital grant monies that will supply the essential equipment for transportation services in Rowan County on Tuesday, January 3.

A little more than $1 million in grant money is requested by the county. The grant would provide $956,587, or 90% of those amounts. The remaining ten percent will subsequently be matched with $106,288 by the county.

The county has submitted an application for the North Carolina Public Transportation Division’s Fiscal Year 2024 Combined Capital Grant. The Rowan Transit System, which “is a non-emergency public transportation service providing life-sustaining excursions for Rowan County citizens,” will be supported by the grant money. The Rowan Transit System currently operates 11 vehicles that are eligible for replacement.

The board of commissioners will hear a presentation of the financial report for the fiscal year 2022, which concluded on June 30, after the public hearing. The yearly audit of Rowan County will be presented by a representative of Martin Starnes & Associates, an accounting firm with offices in Hickory.

The $30 million instalment finance deal for the project is being requested by the board of commissioners. The North Carolina Local Government Commission must approve the application.

The county’s plans to finance the renovation and fit up the West End Plaza Mall as meeting space and offices will finally be the subject of one more public hearing.

Similar to a mortgage, the instalment finance agreement functions similarly. Banks who are interested in lending the county $30 million at a fixed interest rate will present their proposals. The county will give the contract to the bank charging the lowest interest rate and then be responsible for making interest payments on the loan. The money to repay the borrowed money has already been planned, according to county manager Aaron Church.

News Summary:

  • Two public hearings and the presentation of the county’s 2022 financial report are on the agenda for the board of commissioners
  • Check all news and articles from the latest Business news updates.
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