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13 <br /> 1 Commissioner Gordon clarified that the CIP is the manager's recommended CIP as of <br /> 2 March 12, plus all of the changes made during the work sessions. <br /> 3 Paul Laughton said, yes, the changes are incorporated in the buff sheets, mainly the <br /> 4 highlighted area. He said this document becomes the current CIP. <br /> 5 Commissioner Price asked if the schedule for the Southern Orange Library, on page <br /> 6 19, coincides with Carrboro's schedule. <br /> 7 Chair Jacobs said Carrboro does not have a schedule. He said only the County has a <br /> 8 schedule, and Carrboro simply makes recommendations. He said money in the CIP this year <br /> 9 is premature. <br /> 10 Commissioner Price questioned how realistic this is, with money in year one and not <br /> 11 again until year 4. <br /> 12 Frank Clifton said the money in year one is intended for use if the Board of County <br /> 13 Commissioners is interested in purchasing a property and beginning the processes and <br /> 14 analysis that come with that purchase. <br /> 15 Commissioner Price clarified that the amount is $650,000 in year one. She asked if <br /> 16 the Board would be able to move forward in year two, in the event that a property was found. <br /> 17 Frank Clifton said if a site was found there would be 90 to 120 days of site review and <br /> 18 planning. He said that money would initially be spent only on technical feasibility, with capital <br /> 19 to follow after that. <br /> 20 Commissioner McKee asked how much of the $650,000 would be debt financed. <br /> 21 Paul Laughton referred to page 19 and said none of these funds are pay as you go. <br /> 22 He said $136,000 would be debt financed and $164,000 is in the project balance. He said <br /> 23 there are no savings gained by moving it out. <br /> 24 Commissioner Dorosin clarified that this money is a placeholder and does not get <br /> 25 spent unless the Board buys a property. <br /> 26 Chair Jacobs asked if there is a rule of thumb for how much it costs to borrow. <br /> 27 Frank Clifton said these projects are put together into a lump sum for financing to save <br /> 28 on the cost of the process. <br /> 29 Clarence Grier said $400,000 over twenty years would have $11,000 in interest, based <br /> 30 on current rates. <br /> 31 Paul Laughton reviewed the finance information from page 102 in the CIP book. <br /> 32 Chair Jacobs said $20,000 has been moved up for the HVAC at Efland Community <br /> 33 Center. He noted that the center has not been included in the CIP, other than for the HVAC. <br /> 34 He said this needs to be re-visited, since the Efland Community Center is one of the oldest <br /> 35 community centers. <br /> 36 <br /> 37 A motion was made by Commissioner Pelissier seconded by Commissioner McKee to <br /> 38 adjourn the meeting at 8:08 pm. <br /> 39 <br /> 40 VOTE: UNANIMOUS <br /> 41 <br /> 42 BREAK <br /> 43 <br /> 44 <br /> 45 <br /> 46 Commencement of June 13, 2013 Budciet Work Session <br /> 47 <br /> 48 Discussion of Process and Procedures for Meeting <br /> 49 Clarence Grier went through the process and agenda for this meeting. <br /> 50 <br /> 51 1. FY2013-18 Capital Investment Plan <br /> 52 Accept the Five Year Capital Investment Plan and Approve the Intent to Adopt Capital <br /> 53 Funding for FY2013-14 <br /> 54 <br />