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2 <br />change in nomenclature is intendedto properly identify the population base the project willserve <br />and eliminate confusion over the anticipated locationof the facility. <br />FINANCIAL IMPACT: <br />There are no financial impacts associated with the adoption of the library <br />siting criteria. The review of potential library locations, within Phase 1,would be conducted by <br />County staff within adopted budgetary parameters. <br />Phase 2 of the process may requirea financial investment to secure development rights for <br />selected properties.Funds for the previously considered 210 Hillsborough Street properties in <br />Carrboro were allocated from the $215,000 set aside for future propertyacquisition. The County <br />invested approximately $60,000 for examination of the 210 Hillsborough Road sitein Carrboro. <br />This included $25,000 in earnest money and $10,000 for the 120 day extension(Note: The <br />County received the $25,000 in earnest money back). Any further ‘investment’ will vary <br />depending on the individual property. The remaining balance of $436,000 would be debt <br />financed. There is funding totaling $7,525,000 in the 2016-17 Capital Investment Plan (CIP) <br />(page21) for building construction and design services. This phase may also include the need <br />for the County to incur ‘initial due diligence’ costs to ensure the viability of selected properties. <br />RECOMMENDATION(S): <br />The Manager recommends that the Board: <br />1.Approve the attached Southern Branch Library Locational Criteria; and <br />2.Authorize the Chair to send aletter to the Town of Carrboro that: <br />a.Transmits the Board-approved locational and site selection criteriato the <br />Town, and <br />b.Requests that the Towninitiate public solicitation and review of properties for <br />the southern branch of the Orange County library property based on the <br />approved criteria. <br /> <br />