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change in nomenclature is intended to properly identify the population base the project will serve <br />and eliminate confusion over the anticipated location of the facility. <br />FINANCIAL IMPACT: 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 require a 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 property acquisition. The County <br />invested approximately $60,000 for examination of the 210 Hillsborough Road site in 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 />(page 21) 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): The Manager recommends that the Board: <br />1. Approve the attached Southern Branch Library Locational Criteria; and <br />2. Authorize the Chair to send a letter to the Town of Carrboro that: <br />a. Transmits the Board - approved locational and site selection criteria to the <br />Town, and <br />b. Requests that the Town initiate public solicitation and review of properties for <br />the southern branch of the Orange County library property based on the <br />approved criteria. <br />