|
24
<br /> CHCCS School Impact Fee Report(DRAFT)
<br /> Figure 13. Credit for Future Principal Payments: CHCCS
<br /> 2010 Projected 2011 Projected 2012 Projected 2011 Projected 2012 Projected 2014 Projected 2015 Projected 2015 Projected Total Payment
<br /> Fiscal Vear Total Per
<br /> !il (4 (31 fal fs/ fsl Pl !al
<br /> Principal Principal Principal Principal Principal Principal Principal Principal Students Student
<br /> 2016 $710,978 $114502 $417,217 $1,194,926 $1,210,698 $566,268 $600,000 $2,649,127 $7,463,715 12,388 $602
<br /> 2017 $703,796 $112,331 $408,831 $2,476,707 $1,216,320 $566,268 $600,000 $2562,485 $8,646,739 12,554 $689
<br /> 2018 $709,182 $230,631 $0 $1,183,924 $1,641,751 $566,268 $600,000 $2,386577 $7,318,334 12,724 $575
<br /> 2019 $1,102,375 $335,365 $647,840 $1,237,038 $1,724,213 $566,268 $600,000 $351,817 $6564,915 12,876 $510
<br /> 2020 $1,098,784 $332,652 $1,012,643 $1,242,302 $1,729,836 $209,677 $600,000 $0 $6,225,894 13,013 $478
<br /> 2021 $1,093,398 $600,184 $0 $1,250,198 $1,727,962 $209,677 $600,000 $0 $5,481,418 13,162 $416
<br /> 2022 $626,624 $730,965 $0 $1,258,094 $1,731,710 $209,212 $600,000 $0 $5,156,605 13,316 $387
<br /> 2023 $0 $148,689 $1,629,035 $1,268,622 $1,739,207 $209,212 $0 $0 $4,994,765 13,452 $371
<br /> 2024 $0 $0 $1,073,444 $1,276,518 $1,235,062 $209,212 $0 $0 $3,794,235 13,602 $279
<br /> 2025 $0 $0 $0 $1,287,046 $1,152599 $209,212 $0 $0 $2,648,857 13,738 $193
<br /> 2026 $0 $0 $0 $2,736,334 $423,557 $208,747 $0 $0 $3,368,638 13,875 $243
<br /> 2027 $0 $0 $0 $0 $423,557 $208,747 $0 $0 $632,304 14,014 $45
<br /> 2028 $0 $0 $0 $0 $423,557 $208,747 $0 $0 $632,304 14,154 $45
<br /> 2029 $0 $0 $0 $0 $423,557 $208,747 $0 $0 $632,304 14,296 $44
<br /> 2030 $0 $0 $0 $0 $423,557 $0 $0 $0 $423,557 14,439 $29
<br /> 2031 $0 $0 $0 $0 $423,557 $0 $0 $0 $423557 14,583 $29
<br /> 2032 $0 $0 $0 $0 $423,557 $0 $0 $0 $423,557 14,729 $29
<br /> 2033 $0 $0 $0 $0 $423,557 $0 $0 $0 $423557 14,876 $28
<br /> Total $6,045,137 $2,605,319 $5,189,011 $16,411,706 $18,497,811 $4,356,263 $4,200,000 $7,950,006 $65,255,253 $4,994
<br /> Discount Rate[6] 3.15%
<br /> Net Present Value$4,246.69
<br /> (1)Smith MS,Rashkis Elem.,(issued in March 2010)-Refunding 2010
<br /> (2)Rashkis Elem.(issued in November 2011)-Refunding 2011
<br /> (3)Carrboro High(issued in December 2012)-Refunding 2012
<br /> (4)Morris Grove Elem,CHCCS Renovations(issued September 2011)-Installment#1)
<br /> (5)Northside Elem(issued April 2012)-Installment#2)
<br /> (6)Culbreth MS Science Wing(issued January 2014)-Installment#3)
<br /> (7)Carrboro High(issued June 2015)-Refunding of 2006 COPS
<br /> (8)Smith MS,East CH High(issued June 2015)-Refunding Series 2015
<br /> (9)See Appendix for enrollment projections.Starting in 2018,enrollment is projected based on historical average growth rate of 1%.
<br /> (10)To account for the time value money,total payment per student is discounted using a net present value formula assuming the average interest rate from outstanding debt as shown.
<br /> L I CT FEE INPUT VARIABLES
<br /> Factors used to derive the CHCCS impact fee are summarized in Figure 14. Impact fees for schools are
<br /> based on student generation rates (i.e., public school students per housing unit) and are only
<br /> implemented on residential development. LOS standards are based on current costs per student for
<br /> school buildings, portable classrooms, support facilities, and buses/vehicles as described in the previous
<br /> sections and summarized below. Also included in the fee is the cost for preparation of the impact fee
<br /> study. The consultant study cost per student is calculated based on the projected increase in student
<br /> enrollment (based on SAPFO projections; see Appendix A) in CHCCS and OCS over the next three years
<br /> and is added to the capital cost per student to derive the total cost per student.Three years reflects the
<br /> typical length of time before the impact fees should be reexamined to reflect changes in development
<br /> and levels of service.
<br /> The total gross capital cost per student is the sum of the boxed cost components. For example, for the
<br /> elementary school portion, the calculation is as follows: $38,961.27 [building construction] + $344.09
<br /> [portables]+$1,295.67[support facilities]+$796.57[buses]+$134.92[consultant cost]=$41,532.52 total
<br /> gross cost per student.
<br /> This cost is then adjusted to reflect the local share of the cost at 99 percent,or$41,117.19 per elementary
<br /> student, for instance. The credit for future principal payments ($4,246.69) is then subtracted from the
<br /> gross local capital cost per student to derive the net local capital cost per student ($36,870.50) for
<br /> elementary schools.The same approach is followed for middle and high schools.
<br /> 17
<br />
|