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Feasibility Study Budget (January 1999)
<br />1. Detailed topographic survey
<br />2. Environmental Phase I Analysis
<br />3. Preliminary site design, site planning
<br />4. Soils Engineering Tests
<br />5. Appraisal
<br />6. Land Options
<br />7. Preparation of Fund Reservation, Legal,
<br />Organizational, Coordination
<br />TOTAL
<br />$8,000
<br />$3,000
<br />$5,000
<br />$5,000
<br />$4,000
<br />$5,000
<br />$5,000
<br />$35,000
<br />2
<br />The Project Consultant, Lane Sarver has prepared a progress report detailing the accomplishments
<br />to date and is included as an attachment to this abstract. At this time, the First Baptist Church is
<br />requesting a revision in the January budget line items.
<br />Specifically, in order to demonstrate site control as required by HUD, First Baptist Chuch must
<br />obtain an "Option to Purchase" for the property identified for this housing proposal. That property
<br />is located on Park Road in Chapel Hill, approximately six (6) acres in size, is owned by the Pines
<br />Community Center and the sales price is $300,000. The owner, Pines Community Center has an
<br />outstanding loan with Central Carolina Bank for the acquisition of this property. Thus, the Pines
<br />Community Center has agreed to enter into an Option to Purchase agreement with First Baptist
<br />Church at a cost of $2,000 per month which would cover their monthly interest payments. The
<br />option period is estimated to be thirteen months beginning May 1999 and ending May 31, 2000.
<br />The land option costs included in the feasibility study budget will increase from $5,000 to $26,000.
<br />Any funds paid to the Pines Community Center for the land option would be applied to the purchase
<br />price of $300,000.
<br />On May 10, 1999, the Town of Chapel Hill approved an additional contribution of $10,000 to assist
<br />in meeting the increase in option fees. The First Baptist Church is asking Orange County to amend
<br />the January budget to increase the land option line item, thereby, redirecting the remainder of the
<br />$10,000 appropriation to the land option costs in order to allow them to meet the increased land
<br />option expense.
<br />There is approximately $8,656 in County money remaining in this budget. The revised budget is as
<br />follows:
<br />Feasibility Study Budget (May 1999)
<br />ORIGINAL
<br />REVISED
<br />COUNTY
<br />BUDGET
<br />BUDGET
<br />SHARE
<br />1.
<br />Detailed topographic survey
<br />$8,000
<br />$4,725
<br />$ 1,350.00
<br />2.
<br />Environmental Phase I Analysis
<br />3,000
<br />1,100
<br />314.27
<br />3.
<br />Preliminary site design, site planning
<br />5,000
<br />2,500
<br />714.25
<br />4.
<br />Soils Engineering Tests
<br />5,000
<br />4,000
<br />1,142.80
<br />5.
<br />Appraisal
<br />4,000
<br />1,900
<br />542.84
<br />6.
<br />Land Options
<br />5,000
<br />26,000
<br />4,571.55
<br />7.
<br />Preparation of Fund Reservation, Legal,
<br />Organizational, Coordination
<br />5,000
<br />4,775
<br />1,364.29
<br />TOTAL
<br />$35,000
<br />$45,000
<br />$10,000.00
<br />
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