The Local Government Commission (LGC) has approved Raleigh’s plan to issue nearly $240 million in bonds to improve public facilities, including the construction of a new centralized City Hall. The 370,000-square-foot, 17-story building will consolidate the city’s workforce, currently spread across multiple downtown offices, with the goal of improving accessibility and operational efficiency for residents.
The North Carolina Department of State Treasurer announced that $120 million in limited obligation bond anticipation notes will fund the new City Hall project as well as improvements to fire, public safety, and other administrative buildings. The LGC also approved $101 million in bonds to refinance the East Civic Tower project, converting a variable-rate loan to a fixed-rate structure. Additionally, $18.5 million in bonds were refunded for updates to a fire station and the performing arts center.
The LGC, chaired by State Treasurer Brad Briner, also approved funding for infrastructure projects outside Raleigh. Carolina Beach in New Hanover County received approval to issue $35 million in revenue bonds for water, sewer, and stormwater facility improvements. In Kannapolis, the N.C. Housing Finance Agency was authorized to issue $25 million in bonds to develop 100 rental units for low- to moderate-income families…