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13 <br /> 1 Gary Donaldson, Chief Financial Officer, presented this item: <br /> 2 <br /> 3 BACKGROUND: On November 8, 2016 Orange County voters approved $120 million in <br /> 4 General Obligation bonds to fund capital improvements for the Chapel-Hill Carrboro City <br /> 5 Schools and Orange County Schools, and $5 million to fund capital improvements for providing <br /> 6 housing for persons of low and moderate income. <br /> 7 <br /> 8 Attachment 1 includes the list of school projects to be funded with general obligation bond <br /> 9 proceeds. The total expenditures are consistent with the amounts authorized in the County's <br /> 10 Capital Investment Plan. However, the distribution of funds between projects has been <br /> 11 reallocated to reflect the most recent information available. <br /> 12 <br /> 13 The Orange County Schools project list was updated to include the acquisition of the Orange <br /> 14 Charter School facility for$3.1 million with an offsetting reduction in the Cedar Ridge High <br /> 15 School project. The balance of Cedar Ridge High School project is anticipated to be funded <br /> 16 using existing impact fee revenue due to its impact on school capacity. <br /> 17 <br /> 18 The Chapel Hill Carrboro City Schools project list increases the amount of funds allocated to <br /> 19 the <br /> 20 Lincoln Center Campus Redevelopment and reduces the amount allocated to Chapel Hill High <br /> 21 School. The 2013 Facilities Assessment estimated the Lincoln Center project at $21 million. <br /> 22 The District recently received an updated cost estimate of approximately $24.6 million. The <br /> 23 District reports that this increase is primarily driven by construction cost increases of <br /> 24 approximately 5% annually. The Chapel Hill High School project is now budgeted at <br /> 25 approximately $47 million to offset the increase in the Lincoln Center project and to account for <br /> 26 the allocation of bond funds based on the average daily membership that was authorized in the <br /> 27 FY2016-17 Budget. <br /> 28 <br /> 29 The attached Reimbursement Resolutions allow the County to advance fund initial project costs <br /> 30 if necessary, and then reimburse itself from financing proceeds upon the issuance of the <br /> 31 General Obligation Bonds, now scheduled for Fall 2017. <br /> 32 <br /> 33 Commissioner Price asked if the figures for the A.L. Stanback and Chapel Hill school <br /> 34 renovations are so high because of the square footage. <br /> 35 Gary Donaldson said yes. <br /> 36 <br /> 37 A motion was made by Commissioner Burroughs, seconded by Commissioner Price to <br /> 38 approve the Reimbursement Resolutions. <br /> 39 <br /> 40 VOTE: UNANIMOUS <br /> 41 <br /> 42 8. Reports <br /> 43 <br /> 44 a. Durham Chapel Hill Carrboro Metropolitan Planning Organization Comprehensive <br /> 45 Transportation Plan <br /> 46 The Board received a presentation on the purpose of the Comprehensive Transportation Plan <br /> 47 (CTP) and the draft bicycle, pedestrian, transit, and highway maps for the Durham Chapel Hill <br /> 48 Carrboro Metropolitan Planning Organization (DCHC MPO). Orange County Transportation <br /> 49 Planning staff will return to the BOCC at its February 21 meeting with the OUTBoard's complete <br /> 50 comments on the CTP and an OUTBoard recommendation for the BOCC to endorse. <br />