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<br />/ Purchase the shopping center no later than February 2012 for relocation of human <br />services departments currently located at the Whitted Building in Hillsborough <br />/ Relocate Human Services Departments from the Whitted Human Services Center to <br />Hillsborough Commons <br />/ Add approximately 15,000 square feet to the SHSC to accommodate growth of the <br />Health Department, including the Dental Clinic and other departments that currently <br />occupy the facility <br />/ Determine options for future uses of the Whitted Center <br />That night, the Board directed staff to develop a plan that demonstrates how the <br />purchase and up fit of the Hillsborough Gommons would factor into the County's overall <br />future debt plans. Attachment 2 of this agenda abstract, Tentative Proposed Debt <br />Issuance Plans to Meet Unfunded Gounty and Schools' Capital Needs, offers a tentative <br />debt-funding plan that would allow the County to fund, with debt, the major Gounty and <br />Schools' projects that fall beyond the currently available pay-as-you-go funding stream. <br />In summary, the plan proposes seeking voter approval far General Obligation Bands in <br />2008 and 2013 plus issuing alternative financing in 2012 to complete the Hillsborough <br />Gommons plans approved by the Board on March 6, 2008. As outlined, the plans, <br />totaling $314 million, would meet currently identified County and Schools' capital facility <br />needs into the year 2017. <br />During tonight's discussion, staff seeks the Board's feedback regarding the tentative <br />proposed plan and possible options to mitigate the tax rate impact of the debt. <br />FINANCIAL IMPACT: As mentioned previously, the tentative debt issuance plan proposes that <br />the Gounty use General Obligation Bands and alternative financing to fund $314 million in <br />County and Schools' projects. In September 2006, the Board agreed far staff to assume an <br />annual increase in the County's General Fund of 7 percent. The current Debt Management <br />Policy allows annual debt service payments to be na more than 15 percent of the total General <br />Fund budget. According to Board approved assumptions and current staff calculations, the <br />proposed amounts will allow the County to remain within the Board's approved Debt <br />Management Policy. <br />RECOMNIENDATION(S}; The Manager recommends that the Board discuss the County's <br />proposed 2008-18 Capital Investment Plan including County-owned properties and tentative <br />proposed debt issuance plans and provide feedback to staff. <br />