Agenda - 05-04-2006-9b - Laserfiche WebLink

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z Bidders were asked to submit a price per day that would be paid as a premium for bringing the project on line earlier in an attempt to meet the August 25, 2006 opening day of school. The $4,000 per day cost, however, is not recommended as part of this bid award, Bids for the remaining portion of the project that will provide sewer services to the North Buckhorn/Central Efland area will be solicited fallowing the successful negotiation for right-of- way with the Norfolk Southern Railroad and the subsequent approval by the State and Federal grant funding and regulatory agencies, FINANCIAL IMPACT: Attachment 3 of this abstract, Projected Cost of Utility Extension, outlines the projected costs of extending water and sanitary sewer services to the Buckhorn Area, including the new Gravelly Hill Middle School. As indicated in the table, the project needs $1,4 million in additional funding in order to complete construction of the system. It is important to note that this amount covers the projected costs far the water and sanitary sewer services to the Buckhorn Area, including the new Gravelly Middle School and does not include cost estimations associated with the North BtackhornlCentral Efland area. In February 2006, the Budget Director reviewed County capital projects with available (unspent) pay-as-you-go funds to ascertain if the Baard might be able to defer funding from certain currently funded projects and reallocate them to the water and sewer project. Her review was centered on two areas: (1) availability of unspent funds, and (2) criticality and timeline of current County projects. At its March 15, 2006 budget and capital work session, the Board offered further direction on funding possibilities for the water and sewer project. The intention would be that the Board would reinstate any deferrals from currently funded County projects in future years' Capital Investment Plans. After the March meeting and further discussions with other departments, staff proposes the following pay-as-you-go projects be deferred to complete the water and sewer project: Recommended Deferrals of Currently Funded Pay-As-You- Go Capital Proiects Carrboro Library 50,000 ____ ~~$~_~~~~ _ ~ Replacements Floorin $100,000 HVAC Re airs/Re Iacements $115,000 Painting Exterior and Interior Surfaces $100,000 Roofin Re airs/Re Iacements $100,000 Water roofing $150,000 Total Deferred Projects $615,000 In addition, as suggested by the BQCC, staff recommends that the Board transfer $391,000 from the County's General Fund to the Efland Sewer Capital Project, This amount is equal to the amount of monies that the Baard approved for transfer from the School/Park Reserve to the General Fund in June 2005, The total of all recommended transfers equals $1,006,000, which is $394,000 short of the total funding needed to complete the Buckhorn Area/Gravelly Middle School water and sewer system. In order to fund the project completely, staff further recommends that the Board approve a plan to debt finance the remaining $394,000 with the next debt issuance planned for fall 2006.. Staff anticipates that the additional financing will not cause the County to exceed the