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Attachment 5 - Based on current engineering estimates, the additional funding needed to <br />complete the Buckhorn EDD/Gravelly Hill infrastructure will be approximately $1,5 million <br />beyond what is currently programmed for the project. The table in this attachment reflects <br />options for how the County s planned April 2006 debt issuance plans could be configured to <br />affect the sources of project funding, The default option, consistent with the BOCC's plans <br />since Fall 2005, is to issue $2,000,000 in COPs for conservation easements, and $500,000 in <br />COPS for construction of the waterline to the new middle school, The implication of adhering to <br />this option is that the BOCC would need to decide at a subsequent meeting how it would <br />identify pay-as-you-go capital funding totaling $1.5 million to complete the infrastructure project. <br />That discussion could take place as soon as the March 15, 2006 budget work session. <br />FINANCIAL- IMPACT: Financial Impacts are outlined above and on Attachment 5. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />• accept the report as a basis for upcoming decisions on 1) reconfiguring the STAG <br />funded project to separate out the portion that will serve the Gravelly Hill Middle School; <br />and 2) designating utility extension funding sources outside the grant process; and <br />• authorize the Chair to sign the letter (Attachment2) contingent upon 1) written assurance <br />from the State/CG~S that the actions being taken will not affect the STAG grant, and 2) <br />confirmation from Congressman David Price's office that his office does not believe that <br />the actions being taken will adversely affect the STAG grant, <br />