Orange County NC Website
Browse       Search
ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 17, 2006 <br />Action Agenda <br />Item No. 5 - e— <br />SUBJECT: Approval of Chapel Hill - Carrboro City Schools Alternative Financed Capital <br />Project Ordinances for School Renovation Projects <br />DEPARTMENT: Budget PUBLIC HEARING: (YIN) No <br />ATTACHMENT (S): INFORMATION CONTACT: <br />Attachment 1. Chapel Hill - Carrboro City Donna Dean Coffey 245 -2151 <br />Schools Alternative Financed Renovation <br />Capital Project Ordinances <br />PURPOSE: To approve Chapel Hill- Carrboro City Schools (CHCCS) alternative financed <br />capital project ordinances for school renovation projects. <br />BACKGROUND: <br />During the 2001 Capital Needs Advisory Committee meetings, CHCCS identified the need for <br />$11.1 million to renovate older school facilities. Commissioners agreed to fund the renovations <br />with alternative financing rather than include the items on the 2001 bond referendum. The <br />County's debt issuance plans, originally approved by the Board in September 2002, have <br />planned for debt financing the renovations. During the planning stages of Carrboro High <br />School, the Chapel Hill- Carrboro Board of Education requested, and the Board of <br />Commissioners approved, a plan that would defer $2.5 million in renovations of older facilities <br />towards construction of the new high school, leaving $8.6 million for renovations. <br />In spring 2006, the County issued $22 million in alternative financing which included $5.1 million <br />for CHCCS renovation projects. At the September 14, 2006 work session, Commissioners <br />approved plans that allowed for $3.5 million in debt issuance this fiscal year to complete <br />renovation work. at CHCCS. Attachment 1 of this agenda abstract contains the CHCCS <br />renovation related capital project ordinances, and allows CHCCS to complete the associated <br />renovation work this year. <br />FINANCIAL IMPACT: Alternative financing for CHCCS renovation projects totals $8.6 million. <br />Anticipated debt service associated with CHCCS' portion of the two financing arrangements <br />totals $686,950 in fiscal year 2007 -08 or the equivalent of .55 cents on the tax rate. <br />RECOMMENDATION (S): The Manager recommends that the Board of County Commissioners <br />approve the attached Chapel Hill- Carrboro City. Schools (CHCCS) alternative financed capital <br />project ordinances for school renovation projects. <br />