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2 <br />Use of NC Education lottery proceeds <br />-~. Appropriation of school district fund balance <br />~- Redirect monies from currently budgeted projects to the new Elementary School <br />~- Debt financing <br />Commissioners directed County staff to work with CHCCS staff to develop, for the May 20, 2008 <br />regular meeting, a potential funding plan to include initial planning monies as well as all other <br />project components that lead to completion of Elementary #11. During tonight's meeting, the <br />CHCCS Board of Education members and staff plan to join Commissioners to discuss the <br />project and proposed funding plan. <br />As stated earlier, the District estimates the total cost of Elementary #11 at $33,177,923 which <br />includes site development and/or acquisition, fees, furniture, technology, and one-time start-up <br />non-personnel costs. Projected construction costs are budgeted at $266 per square feet for the <br />90,230 square foot school. Final cost projections will be determined after the District completes <br />the initial planning process and receives project bids. <br />CHCCS Elementary #11 Siting <br />At this point in planning for the new school, the Chapel Hill Carrboro City Schools Board of <br />Education has not chosen a site for the new school; therefore, it is important to note the <br />requested monies will not cover the cost of site acquisition. The Board has, however, <br />expressed particular interest in two sites - Northside Human Services Center site and Greene <br />Tract. While neither of these sites would require funding to purchase land, both sites have <br />individual needs. For example, water and sewer infrastructure is not currently available at the <br />Greene Tract. According to the April 23, 2008 timetable, the Board of Education plans to <br />finalize the site selection component of the project before the end of the current fiscal year. <br />Staff Proposed Funding Plan for CHCCS Elementary #11 <br />Staff proposes the following funding plan for CHCCS Elementary #11: <br />Staff Proposed Funding Plan for CHCCS <br />Elementary #11 <br />May 20, 2008 <br />NC Education Lotter Funds $974,000 <br />Alternative Financing Proposed <br />for Winter/Spring 2009 $32,203,923 <br />Total Proposed Funding Plan <br />for CHCCS Elementary #11 $33,177,923 <br />Staff projects NC Education Lottery Funds totaling $974,573 will be available to Chapel Hill <br />Carrboro City Schools by the end of fiscal year 2008-09 (Attachment 3). These monies are in <br />addition to lottery funds allocated to other District projects. <br />Should the Board of County Commissioners approve the proposed funding plan, staff will submit <br />a funding request to NC Department of Public Instruction for Lottery funds for this and other <br />current year funded projects prior to June 30, 2008. This is a precautionary measure to ensure, <br />