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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: April 6, 2010 <br /> Action Agenda <br /> Item No. f2 <br /> SUBJECT. App p J <br /> Approval of Capital Project ordinance for the Construction of the Carrboro High <br /> School Arts Win <br /> DEPARTMENT. Financial Services PUBLIC HEARING: (YIN) No <br /> ATTACHMENTt � <br /> S : INFORMATION CONTACT: <br /> Carrboro High School Arts Win Capital Clarence Grier 919-245--2453 <br /> Wing <br /> Project Ordinance Robert Jessup 919-933-9891 <br /> PURPOSE: To approve Capital Project Ordinance for the construction of the Carrboro High <br /> pp a p J <br /> School Arts Wing. <br /> BACKGROUND: The Orange County Board of Commissioners has previously approved <br /> proceeding with the issuance of alternative financing by the use of an installment Contract as <br /> p g <br /> authorized under section 160A — 20 of the North Carolina General Statutes. The issuance w ill <br /> finance the Carrboro High School Arts Wing project under the Qualified School Construction <br /> Bond QSCB ram in an amount not to exceed the $4,136,434 QSC13 allocation. The <br /> � } program g <br /> project cost estimate is $4,577,300. Chapel Hill Carrboro City Schools has agreed to make <br /> 1 <br /> available $440,866, if needed, from its pay as you go funding from the County to complete the <br /> project. <br /> In November 2009, the Board of County Commissioners approved the necessary fact-finding <br /> and required public hearing concerning the project, and proposed financing as prescribed under <br /> q <br /> the uidelines of the Local Government Commission. Additionally, the Board of County <br /> g <br /> Commissioners directed staff to proceed with financing, execute documents, and complete the <br /> closin g of the financing through the adoption of a resolution dated February 19, 2010. <br /> FINANCIAL IMPACT: The debt service for the financing proposal will require debt service of <br /> $362,213.74 for Fiscal Year 2010-11. The tax rate equivalent for FY 2010-11 debt service is <br /> estimated at approximately .24 cents. <br /> RECOMMENDATION(S): The Manager recommends that the Board approve the attached <br /> Carrboro High School Arts Wing Capital Project Ordinance. <br />