Minutes 02-07-2017 - Laserfiche WebLink

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13 Travis Myren said yes. He said all the conditions presented in the application would become part of a grant agreement. Commissioner McKee said Commissioner Marcoplos' question brings up an interesting point, and asked what would happen if only one or two applications come in during this timeline that can be approved. Travis Myren said there is nothing prohibiting a second round of RFPs. VOTE: UNANIMOUS b. Reimbursement Resolutions for General Obligation Bond Projects The Board considered approving resolutions providing for General Obligation Bond proceeds reimbursement for school and housing capital projects expended prior to bond issuance. Gary Donaldson, Chief Financial Officer, presented this item: BACKGROUND: On November 8, 2016 Orange County voters approved $120 million in General Obligation bonds to fund capital improvements for the Chapel-Hill Carrboro City Schools and Orange County Schools, and $5 million to fund capital improvements for providing housing for persons of low and moderate income. Attachment 1 includes the list of school projects to be funded with general obligation bond proceeds. The total expenditures are consistent with the amounts authorized in the County's Capital Investment Plan. However, the distribution of funds between projects has been reallocated to reflect the most recent information available. The Orange County Schools project list was updated to include the acquisition of the Orange Charter School facility for $3.1 million with an offsetting reduction in the Cedar Ridge High School project. The balance of Cedar Ridge High School project is anticipated to be funded using existing impact fee revenue due to its impact on school capacity. The Chapel Hill Carrboro City Schools project list increases the amount of funds allocated to the Lincoln Center Campus Redevelopment and reduces the amount allocated to Chapel Hill High School. The 2013 Facilities Assessment estimated the Lincoln Center project at $21 million. The District recently received an updated cost estimate of approximately $24.6 million. The District reports that this increase is primarily driven by construction cost increases of approximately 5% annually. The Chapel Hill High School project is now budgeted at approximately $47 million to offset the increase in the Lincoln Center project and to account for the allocation of bond funds based on the average daily membership that was authorized in the FY2016-17 Budget. The attached Reimbursement Resolutions allow the County to advance fund initial project costs if necessary, and then reimburse itself from financing proceeds upon the issuance of the General Obligation Bonds, now scheduled for Fall 2017. Commissioner Price asked if the figures for the A.L. Stanback and Chapel Hill school renovations are so high because of the square footage. Gary Donaldson said yes.