NEW HANOVER COUNTY — In a turn of events, county staff and commissioners will be traveling to Raleigh next week to further detail the financial plan for its latest iteration of Project Grace.
READ MORE: Another roadblock: LGC chair tells county ‘no’ to September vote on Project Grace financing
Late last month, the Local Government Commission — overseeing the finances for local municipalities and governments — told New Hanover County it would not be adding a vote to its Sept. 12 agenda for Project Grace, despite its application being received and deemed complete.
Though State Treasurer and LGC Chair Dale Folwell told Port City Daily last month, he never said it wouldn’t be on the agenda.
When it was released Friday, the item appeared for discussion only. Not all LGC members will be present for a vote, which is why it’s not slated as an action item, according to Folwell.
“It’s not my intention to vote on it,” he told Port City Daily on a call Friday. “It being on the agenda was not as a result of me being bullied or bought off.”
The LGC confirmed a member could still make a motion to vote, but it would need to be seconded.
County manager Chris Coudriet relayed to the board of commissioners at its Aug. 21 meeting Folwell did not approve of the location for Project Grace and thought the county should use cash for the $57-million project.
Folwell clarified to PCD last month he suggested the city’s newly purchased Thermo Fisher building as an appropriate location, with minimal upfit. Both the county and architect LS3P said it would not be feasible for their design.
Folwell also indicated last month the county did not need LGC approval, or its additional questions, if they used cash.
The county commissioners have a policy to only use cash reserves for emergencies or to offset the need to raise taxes for county-provided services. Coudriet also explained the board could issue debt at a rate lower than the interest earnings on its fund balance, adding the county’s triple A bond rating would allow it to issue debt around 4% interest.
On Friday’s call, Folwell said he plans to publicly release a timeline of events involving Project Grace, what he referred to as a “mosaic” of information on a call last month. He indicated it would also include conflicts of interest involved around the project.
“I’m going to let people see what [I’ve] seen but on one piece of paper,” he said.
The project is designed as a 95,000-square-foot joint library and museum in downtown Wilmington on a county-owned block bordered by Grace, Third, Chestnut and Second streets. Cape Fear Development is partnering with the county on construction and will buy a portion of the parcel for private investment once the library and museum are complete.
Folwell has consistently stood by his belief the county should offload the property in an upset bid for the best competition and price to taxpayers, but the county wishes to retain control of the timing and specifics of what’s built through a public-private partnership.
After the LGC agenda was released Friday, the county released a statement from the board of commissioners extending their “appreciation” for the inclusion of Project Grace at Tuesday’s meeting.
“We hope the Commission will act on the project’s debt issuance and appreciate their thorough evaluation of the county’s plan,” the state continued. “We are excited to bring this vital community initiative to fruition.”
County staff and commissioners will attend the Sept. 12 meeting to answer questions and provide additional insight.
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