Agenda - 03-26-2015 - Agenda - Laserfiche WebLink

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K for a combined facility would be 24,000 square feet. These projects are priorities in the Parks Master Plan. Solid Waste Transfer Station $ 5,200,000 With the closure of the Orange County Landfill the Town began transporting solid waste to a facility in Durham. This arrangement significantly increased the costs of waste disposal including increased fuel consumption and wear and tear on vehicles. Construction of a Transfer Station on Town owned property on Millhouse Road is consistent with the Solid Waste Collection and Disposal Option Report. Stormwater Improvements $ 5,900,000 This category includes high priority Stormwater Projects identified in the Town's Stormwater Master Plan. Priorities will be further refined based on the subwatershed studies. Debt issued for these projects would be repaid from the Stormwater Enterprise Fund. Repayment of $5.9 million of debt would require a rate increase of about $5.00 per ERU which is a 20% increase on the current rate. In the Community Survey, quality of the stormwater runoff /management system ranked as the most important maintenance service. Schedule The Town Council is scheduled to take its first official action for the planned referendum on April 27th when they take up the preliminary findings resolution. Other important milestones in the referendum process include introduction of bond orders and setting of the public hearing scheduled for May 27th and holding the public hearing, adoption of bond orders and setting of ballot questions on June 22nd. Debt Affordability The Town has manageable debt levels as evidenced by its low debt per capita and debt to assessed value benchmarks compared to its triple A rated municipal peer group. The Town's debt pay -out ratio (amount of debt service payable in the next ten years) is 77.9 %, which is considered very strong. In addition, the Town's annual debt service as a percent of governmental revenues is currently about 9.2 %, which is well below historic levels. Other Capital Financing In addition to the projects the Town is planning for the referendum, we are also planning on financing certain high priority projects, including a new police headquarters and replacement fire stations, using installment financings. The decision to use installment financing for these projects is based on their essential nature and the ongoing planning process for Town facilities. The essentiality of the projects helps to ensure adequate collateral will be created by the project to support the financing. The planning process for the projects includes the potential for co- location of multiple facilities and the possibility of swapping properties with other land owners. Installment financing provides the flexibility of determining the specifics of the project when the planning stage is completed. The preliminary estimate for the cost of public safety facilities is about $30 million.