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The Marshal indicates that if the Middle District cannot use all of the beds,the Eastern District(Raleigh)will
<br /> • be in a position to bring inmates to us. I have tried to demonstrate in the table below,if we sought private
<br /> placement for the$1,200,000 funds necessary to complete the project,the revenue from 9 inmates per day
<br /> will completely offset the debt service amount. Keep in mind, our potential revenue from the additional
<br /> beds is$638,239 per year;this is over and above the revenue we currently receive from the Marshal's
<br /> office,which was around$537,000 in f.y. 94-95.
<br /> Assuming private placement of$1,200,000 the estimated payment schedule (per Ken Chavious)will be:
<br /> Assumptions: 15 year term
<br /> 6.75% interest rate
<br /> $1,200,000 principal amount
<br /> Semi-annual payments
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<br /> :...:::::::.:;:.:;:.:.;;:;;;::<:.:::::::.;:) [1 ::>:::::.: «.;:<::::::::.... .....::;:::.::;:<.;>:.;«;::::::::...:n ded a�y to t€ a> .;::>:::
<br /> :««:>::»::::<:<:>::>:::: >::»::>:::<««<:»::»:........>::::::>::::>::::;:«:><:::>:»»::>::;:::<:»>:<::<:::>:<:«::>::;<:>::»::>:<::::<:>::<::>:»:>;;<>:::: ......:;::.>::>::>:;:::>:>::««<:.>;;::>::>::>: . ffset. eb. er e. os ..
<br /> 1 $1,200,000.00 $161,000.00 $80,000.00 $81,000.00 9
<br /> 2 $1,120,000.00 $155,600.00 $80,000.00 $751600.00 9
<br /> 3 $1,040,000.00 $150,200.00 $80,000.00 $70,200.00 8
<br /> 4 $960,000.00 $144,800.00 $80,000.00 $64,800.00 8
<br /> 5 $880,000.00 $139,400.00 $80,000.00 $59,400.00 8
<br /> • 6 $800,000.00 $134,000.00 $80,000.00 $54,000.00 7
<br /> 7 $720,000.00 $128,600.00 $80,000.00 $48,600.00 7
<br /> 8 $640,000.00 $123,200.00 $80,000.00 $43,200.00 7
<br /> 9 $560,000.00 $117,800.00 $80,000.00 $37,800.00 6
<br /> 10 $480,000.00 $112,400.00 $80,000.00 $32,400.00 6
<br /> 11 $400,000.00 $107,000.00 $80,000.00 $27,000.00 6
<br /> 12 $320,000.00 $101,600.00 $80,000.00 $21,600.00 6
<br /> 13 $240,000.00 $96,200.00 $80,000.00 $16,200.00 5
<br /> 14 $160,000.00 $90,800.00 $80,000.00 $10,800.00 5
<br /> 15 $80,000.00 $85,400.00 $80,000.00 $5,400.00 5
<br /> Totals $1,848,000.00 $1,200,000.00 $648,000.00
<br /> RECOMMENDATIONS:
<br /> • Accept the negotiated bid with Trafalgar House Construction, accepting at least the additional cuts
<br /> of$207,172 and consider waiving the$11,685 in building permits.
<br /> • Board action to move the process forward at the August 15 BOCC meeting. (Trafalgar House has
<br /> only offered to hold prices for 30 days,although I think we could negotiate a little past that, maybe
<br /> to the first meeting in September.)
<br /> • Seek private placement for the additional funds needed (approximately$1,200,000);
<br /> • Use additional Federal revenue to pay debt service for the private placement funds.
<br /> * This private placement would also need to indicate $500,000 in additional
<br /> funds for the Southern Human Service Project.
<br /> Jail/Courthouse Project 6
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