The Local Government Commission (LGC) at its May 4, 2021 meeting discussed the Bald Head Island Transportation Authority’s proposed $56,144,303.30 revenue bond financing to purchase the Transportation Assets of Bald Head Island Limited and operate the Authority. LGC staff recommended denial of the application because of concerns with the asset appraisals. Some LGC members stated concerns that the appraised value greatly exceeds (by 2½ times) the tax valuation determined by the Brunswick County tax assessor. The Commission, after 1½ hours discussion, tabled this item, and agreed to discuss and prepare a list of the Commissioners’ specific questions at the Commission’s June 1 meeting. Commissioners also expressed that they would like to see the three parties (BHITA, Village and Seller) work together. The parties may submit their proposed questions in advance of the June 1 meeting.
The Chair of the Commission, Treasurer Dale Folwell, indicated that he had received dozens and dozens of emails from Bald Head Island citizens as the meeting progressed (HERE are most of them).
BHITA Chair, Susan Rabon, and Mayor Andy Sayre were both given an opportunity to speak. Islanders can view Mayor Sayre’s statement HERE. Much of the discussion by the Commission centered around concerns with the appraised value, what type of appraisal method was used, why it was chosen, transparency, and questions that have not been answered by the Authority.
Audio of the meeting will likely be posted on the LGC’s website HERE soon.
Islanders can review documents associated with the BHITA HERE.