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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 19, 1998 <br />Action Agenda <br />Item No. _ Q <br />SUBJECT: 1998 -2008 Capital Investment Plan (CIP) Adoption <br />DEPARTMENT: County Manager/Budget PUBLIC HEARING: (Y/NS) <br />BUDGET AMENDMENT: (Y/N) <br />ATTACHMENT(S): <br />1998 -2008 CIP (previously distributed) <br />Private Placement Project Costs /Timetables <br />5/8/98 Planning Staff Memo - Historical <br />Perspective on Work of ADAB <br />5/12/98 Planning Staff Memo - Cost of <br />Community Services Studies <br />5/12/98 Planning Staff Memo - Forsyth County <br />Farmland Preservation Program <br />INFORMATION CONTACT: <br />Rod Visser, ext 2300 <br />Donna Dean, ext 2150 <br />Don Belk, ext 2594 <br />TELEPHONE NUMBERS: <br />Hillsborough <br />732 -8181 <br />Chapel Hill <br />968 -4501 <br />Durham <br />688 -7331 <br />Mebane <br />227 -2031 <br />PURPOSE: To consider adoption of the 1998 -2008 Capital Investment Plan. <br />BACKGROUND: On March 17, 1998, the County Manager presented the recommended 1998- <br />2008 Capital Investment Plan to the Board of County Commissioners. At its April 7, 1998 meeting, <br />the Board conducted a public hearing and heard citizen comments regarding the proposed plan. At <br />its meeting on April 21, 1998, the Board held further discussion about the CIP and identified <br />additional information needed to facilitate final deliberations about the CIP. At the May 6, 1998 <br />meeting, the Board discussed the possibility of including funding for implementation of the PACE <br />program to promote farmland preservation. <br />Apri121, 1998 Meeting Followup <br />The Board requested detailed information about the elements, timetable, and costs of the three <br />capital projects recommended to be funded through 1998 private placement financing. Staff have <br />prepared spreadsheets which reflects this information for the Whitted Human Services Center and <br />Northern Human Services Center renovation projects, and for the proposed replacement of the <br />Chapel Hill Senior Center. <br />The Board also asked for information about the duration that would be required for redirecting the <br />one cent on the property tax rate that has been earmarked during the past three fiscal years. Staff <br />estimates that most of the revenue from that annual earmarking would be required in the mix of pay - <br />as- you -go revenue sources to fund the entire County CIP during the expected 15 year term of the <br />private placement bank loan. However, in later years, some portion of that revenue could continue <br />to be earmarked for the schooUpark reserve if the County's tax base continues to grow; if the <br />