|
K
<br />paid over a 20 year term from the General Fund. Existing funds for general contingency,
<br />property easement procurement and loan origination are $63,437. Due to the competitive bids
<br />received, staff estimates an additional $107,814 will need to be appropriated to cover the cost
<br />of the project. The amount of the loan can be increased up to 10% of the original value of the
<br />loan based on the competitive bids without going back to the Local Government Commission.
<br />The proposed budget amendment would take a portion of the increased costs from a loan
<br />increase and a portion from the Article 46 Sales Tax proceeds. The loan cannot be used to pay
<br />for the origination fee on the loan (2% of the loan amount) or the cost of the easements.
<br />Therefore, the budget amendment would assign a portion of the cost of the project from the use
<br />of Article 46 Sales Tax proceeds to cover these costs and other incidental costs that may be
<br />incurred as shown below. This will provide adequate funding for all known costs as well as a
<br />10% construction contingency fund. Budget Amendment #2 -D below illustrates this in detail:
<br />Revenues for this project:
<br />Appropriated for this proiect:
<br />FY 2013 -14
<br />Amendments
<br />Nov 5, 2013
<br />Amendment
<br />FY 2013 -14
<br />Revised
<br />SRF Loan
<br />$755,450
<br />$50,000
<br />$805,450
<br />Article 46 Sales Tax
<br />Proceeds
<br />$0
<br />$57,814
<br />$57,814
<br />Total Project Revenues
<br />$755,450
<br />$107,814
<br />$863,264
<br />Appropriated for this proiect:
<br />RECOMMENDATION(S): The Interim Manager recommends that the Board:
<br />1.) Award the bid and approve a construction contract to Park Construction of North
<br />Carolina, of Morrisville, NC, in the amount of $597,813.13 for the construction of the
<br />McGowan Creek Sewer Interceptor project, pending State approval;
<br />2.) Approve Budget Amendment #2 -D for $107,814 consisting of:
<br />a. Authorizing staff to request an additional $50,000 in SRF loan funding from the
<br />State;
<br />b. Approving funding of $57,814 from Article 46 Sales Tax proceeds;
<br />3.) Approve and authorize the Chair to sign the Resolution of Tentative Award required by
<br />the State as part of the SRF loan milestones;
<br />4.) Approve and authorize the Chair to sign the contract on behalf of the Board of County
<br />Commissioners, subject to final review by the County Attorney and the State; and
<br />5.) Authorize the Manager to execute individual change orders within the limit of his
<br />authority ($250,000) up to the extent of the project budget.
<br />FY 2013 -14
<br />Amendments
<br />Nov 5, 2013
<br />Amendment
<br />FY 2013 -14
<br />Revised
<br />Professional Services
<br />$92,400
<br />$0
<br />$92,400
<br />Construction
<br />$490,000
<br />$107,814
<br />$597,814
<br />Contingency, Easements,
<br />Legal, Origination, Other
<br />$173,050
<br />$0
<br />$173,050
<br />Total Project Appropriation
<br />$755,450
<br />$107,814
<br />$863,264
<br />RECOMMENDATION(S): The Interim Manager recommends that the Board:
<br />1.) Award the bid and approve a construction contract to Park Construction of North
<br />Carolina, of Morrisville, NC, in the amount of $597,813.13 for the construction of the
<br />McGowan Creek Sewer Interceptor project, pending State approval;
<br />2.) Approve Budget Amendment #2 -D for $107,814 consisting of:
<br />a. Authorizing staff to request an additional $50,000 in SRF loan funding from the
<br />State;
<br />b. Approving funding of $57,814 from Article 46 Sales Tax proceeds;
<br />3.) Approve and authorize the Chair to sign the Resolution of Tentative Award required by
<br />the State as part of the SRF loan milestones;
<br />4.) Approve and authorize the Chair to sign the contract on behalf of the Board of County
<br />Commissioners, subject to final review by the County Attorney and the State; and
<br />5.) Authorize the Manager to execute individual change orders within the limit of his
<br />authority ($250,000) up to the extent of the project budget.
<br />
|