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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 7, 2017 <br /> Action Agenda <br /> Item No. 7-b <br /> SUBJECT: Reimbursement Resolutions for General Obligation Bond Projects <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. Schools Reimbursement Bob Jessup, (919) 933-9891 <br /> Resolution with List of Gary Donaldson, (919) 245-2453 <br /> Projects Paul Laughton, (919) 245-2152 <br /> Attachment 2. Housing Reimbursement <br /> Resolution <br /> PURPOSE: To approve resolutions providing for General Obligation Bond proceeds <br /> reimbursement for school and housing capital projects expended prior to bond issuance. <br /> BACKGROUND: On November 8, 2016 Orange County voters approved $120 million in <br /> General Obligation bonds to fund capital improvements for the Chapel-Hill Carrboro City <br /> Schools and Orange County Schools, and $5 million to fund capital improvements for providing <br /> housing for persons of low and moderate income. <br /> Attachment 1 includes the list of school projects to be funded with general obligation bond <br /> proceeds. The total expenditures are consistent with the amounts authorized in the County's <br /> Capital Investment Plan. However, the distribution of funds between projects has been <br /> reallocated to reflect the most recent information available. <br /> The Orange County Schools project list was updated to include the acquisition of the Orange <br /> Charter School facility for $3.1 million with an offsetting reduction in the Cedar Ridge High <br /> School project. The balance of Cedar Ridge High School project is anticipated to be funded <br /> using existing impact fee revenue due to its impact on school capacity. <br /> The Chapel Hill Carrboro City Schools project list increases the amount of funds allocated to the <br /> Lincoln Center Campus Redevelopment and reduces the amount allocated to Chapel Hill High <br /> School. The 2013 Facilities Assessment estimated the Lincoln Center project at $21 million. <br /> The District recently received an updated cost estimate of approximately $24.6 million. The <br /> District reports that this increase is primarily driven by construction cost increases of <br /> approximately 5% annually. The Chapel Hill High School project is now budgeted at <br /> approximately $47 million to offset the increase in the Lincoln Center project and to account for <br /> the allocation of bond funds based on the average daily membership that was authorized in the <br /> FY2016-17 Budget. <br />