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G <br />4. County Update on Chapel Hill Carrboro City Schools Elementary #11 Construction <br />Elementary School #11 will be located in the Northside community between Caldwell and <br />McMasters Streets. The multi -story building design is proposed to accommodate 585 students <br />and will be built to Leadership in Energy and Environmental Design (LEED) gold specifications. <br />Sanford Contractors has completed deconstruction of existing onsite buildings. Over 70% of <br />the building materials from the former buildings were recycled. Additionally, Habitat for <br />Humanity had previously removed windows, doors, mirrors, bulletin boards, and light fixtures for <br />reuse in their projects. Site grading is currently underway, with rocks and unsuitable soils being <br />removed and the building grade being reached. <br />Bordeaux Construction Company has been awarded the contract to build the new school. <br />Bordeaux is currently mobilizing and has established a presence onsite. The project schedule <br />calls for a construction period of 15 months beginning in March 2012 and completing in May <br />2013. Furniture and equipment would then be delivered and installed, with the school <br />scheduled to open in August 2013. <br />Elementary School #11 will be funded with the issuance of $21.5 million of Limited Obligation <br />Bonds. The limited obligation bonds will be underwritten by Branch Banking & Trust (BB &T) <br />and Wells Fargo Bank N.A. The financing has been approved by the Local Government <br />Commission and will closed on March 29, 2012. The annual debt service for the new school <br />will be approximately $1,725,000 annually. <br />Staff will provide any other information at the meeting, and the governing boards can discuss <br />issues related to this item as necessary. <br />No Attachments <br />FINANCIAL IMPACT: There is no direct financial impact associated with discussion of these <br />topics. There are no action items requiring formal decisions. <br />RECOMMENDATION(S): The Managers recommend the governing boards discuss the topics <br />listed and provide appropriate direction to the respective staffs. <br />