Minutes 11-06-2014 - Laserfiche WebLink

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Efland Sewer to Mebane 4,581,400 Total Water& Sewer Projects 4,581,400 Sportsplex Projects: Phase II - Pool Mezzanine 950,000 Total Sportsplex Projects 950,000 Solid Waste Projects: Eubanks Road Solid Waste Convenience Center 640,483 Total Solid Waste Projects 640,483 Equipment/Vehicle Purchases: Vehicle Replacement Fund 775,119 In-Car Cameras Replacements - Sheriff 517,798 Board of Elections -Voting Equipment 437,385 Board of Elections - Electronic Poll Books 242,485 Total Equipment/Vehicle Purchases 1,972,787 Grand Total FY 2014-15 Financing $ 15,498,905 Additionally, there are some previous year capital projects, although approved in the budget, for which the financing was not issued due to the project schedule and decisions. The preliminary schedule for the financing is attached to the abstract. County staff will be receiving bids from financial institutions to secure the financing. Staff anticipates receiving $15.5 million in financing for an average of 10 years at an interest rate of 2.30 percent, which will result in an average annual debt service cost of$1,752,650. FINANCIAL IMPACT: There is no financial impact related to this action. However, there will be a financial impact in proceeding with the financing. A preliminary estimate of debt service applicable to the financing would be $1,752,650. The tax rate equivalent for the annual debt service payment is approximately 1.07 cents of the current property tax rate. Clarence Grier said there was one additional project that may need to be added to the list. He said staff is looking at a central permitting function solution, and preliminary estimates were higher than expected. He said this would cost an additional $750,000, and more information will be provided for this. He said this would not increase the debt service more than $100,000 and there are more than enough savings to accommodate this. Clarence Grier reviewed the calendar on the last page of the abstract. He said this would potentially be brought back for a public hearing on December the 9th. He noted that a letter must be sent to the joint legislative committee for review. Commissioner McKee asked about the in-car camera replacements. Clarence Grier said the warranty for these goes out of service in December, and they need to be replaced. Commissioner McKee asked for clarification on the amount for Information Technology. Clarence Grier said this may go up by as much as $750,000. He said some of the bids for the central permitting solution are a bit higher than anticipated. Commissioner Gordon said the motion should move forward as written, with the exception of the Information Technologies item, which could increase up to $750,000.