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Thursday the council held its 2019 fourth quarter meeting and covered several topics including six main areas on interest.
The meeting started with key budget outcomes. Revenues were at 95% of budget and expenditures were at 89% of budget. It should be pointed out that we are not allowed to go over budget. One significant note was that utility fund was down by 3%.
The latest Cary Town Council meeting saw a Public Hearing on what may be Cary’s second-largest rezoning of all time, as well as a Public Hearing on a rezoning in the Alston Activity Center, a vote the lease for the new Downtown Cary library and parking deck and a presentation of the Environmental Advisory Board’s recommendations on trees.
Cary, NC – This was another slow summer week dominated by campaign related activities.
Monday I joined the town manager, the chief financial officer, the deputy town clerk, the bond attorney, and a representative of the bank to sign legal documents for the sale of the last portion of the 2012 General Obligation bonds. The amount was $16,050,000 and will be used to implement promises made in 2012. Since we have the highest bond rating possible our bonds are at the lowest interest rate possible. The interest rates will be almost nothing since it is just barely above inflation.
My last meeting on Monday was with the Deputy Town Manager and the Mayor Pro-Tem. We mostly talked about the hotel occupancy and meals tax. Approximately $52 million in hotel/meals (“Hospitality”) tax revenue was generated in Cary from FY 2010 through FY2016, and I estimate we generated another $30 million plus in the last three years to make the ten-year total somewhere north of $80 million. During that ten years, Cary received $21 million in Hospitality Tax revenues.
We usually write about new store openings or construction taking place around town. Fo this month’s column we thought we would take a look at what no one is talking about: The Empty Places. Believe it or not, despite having a “low vacancy rate” in Cary, we do have some glaringly empty large parcels scattered […]
My final meeting on Monday was with the town manager and the Mayor Pro-Tem. Items discussed included the future Hotel Occupancy and Meals Tax, the Fenton development, the mall redevelopment, and Epic Games. Our meeting concluded after about thirty minutes.
This past Thursday the council and members of our town staff held our third quarter meeting at the SAS Global Education Center. These quarterly meetings are invaluable in that they foster a collaborative environment where the council and staff work collectively to better implement our community’s vision and keep Cary great.
Monday I attended the Cary Chamber’s elected official’s reception. In attendance were Cary council members, Wake County School board members, judges, and NC Representative Gale Adcock who escaped budget meetings long enough to thank everyone. In my brief remarks I talked about how no one politician can get anything done by themselves. It takes working together to get anything done.
Back in 2017, there were big plans to redevelop Cary Towne Center as IKEA wanted to open its first Triangle store there. But after some changes, there’s a new preliminary development plan for the mall, with multi-use buildings and several with a maximum proposed height of 12 stories.